Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Lightelligence Sets Record IPO Gain with 383% Surge on Hong Kong Debut
Beijing to Impose Sweeping Drone Sales Ban From May 1
Insta360 Profit Falls as R&D Surge Meets Rising DJI Competition
LATEST
Insta360 Profit Falls as R&D Surge Meets Rising DJI Competition
Beijing to Impose Sweeping Drone Sales Ban From May 1
Lightelligence Sets Record IPO Gain with 383% Surge on Hong Kong Debut
Robot Era Raises Over $200 Million as Humanoid Robot Race Heats Up
DeepSeek Launches New AI Model as Funding Rumors Spread
Tencent Unveils New AI Model to Close Gap With Rivals
DJI Enters Heavy-Lift Drone Market With 200-Kilogram Payload Models
Apple Supplier Dongshan Precision Rallies on AI-Driven Demand
Horizon Robotics Unveils 5-Nanometer Integrated Auto Chip
In Depth: China’s AI Hiring Boom Belies a Struggling Job Market
China Unveils AI-Driven Plan to Build $14 Trillion Service Sector by 2030
X Square Robot Raises New Funds, Targets Home Trials by May
Computing Shortage Forces Chinese AI Firms to Ration Services
Moonshot AI Launches New Model With Improved Coding and Agent Capabilities
Chinese Firm Uses Employee Data to Build AI Worker, Stoking Job Security Debate
China’s Sunrise Raises Over $140 Million for AI Inference Chip Push
ByteDance’s Profit Plunges 70% on Aggressive AI Spending
Chinese-Built Robot Wins Beijing Half-Marathon
Chinese AI Robotics Startup TARS Raises $455 Million in Record Pre-A Round
Zhipu Acquires $53 Million Beijing Office as AI Operations Expand
Tianjin Commodities Trader Downgraded for Continued Debt Risk

By Wu Hongyuran and Han Wei / Apr 30, 2019 05:43 AM / Finance

Photo: IC Photo

Photo: IC Photo

The foreign debt of Tianjin government-backed commodities trader Tewoo Group Co. Ltd. was downgraded by Fitch Ratings because of liquidity concerns. The rating company put Tewoo’s bonds on negative watch about two weeks ago.

The downgrade reflects Tewoo’s continued trouble and highlights market jitters about the solvency of the city’s state-owned enterprises, which have been hit by a wave of defaults, bankruptcies and corruption scandals in recent years.

Fitch lowered the company’s long-term foreign-currency issuer default rating to B-, a junk level, and cut the Fortune 500 company’s credit rating the second time in two weeks to CCC+.

Fitch also lowered its rating of the Tianjin government’s guarantee to Tewoo by one notch to moderate.

According to Bloomberg data, Tewoo has six outstanding offshore bonds, including a $300 million note due in December. Holders of Tewoo bonds include J.P. Morgan, Blackrock and Deutsche Bank.

Tewoo is wholly owned by the Tianjin State-owned Assets Supervision and Administration Commission (Tianjin SASAC). Its main businesses are trading commodities such as metals, fuel and minerals, as well as logistics, according to the company’s website. The company accumulated 188 billion yuan in total liabilities by the end of September, accounting for 76.5% of total assets, according to figures from Chinese financial data provider Windinfo.

Related: Fitch Warning Highlights Jitters About Tianjin’s State Firms


Share this article
Open WeChat and scan the QR code