Fitch Ratings has withdrawn Chinese homebuilder
Fitch is withdrawing the ratings as KWG has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for KWG.
Key Rating Drivers
No longer relevant, as the ratings have been withdrawn.
RATING SENSITIVITIES
No longer relevant, as the ratings have been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Issuer Profile
KWG is a medium-sized developer with 27 years of experience in building residential and commercial properties. It specialises in developing mid- to high-end residential properties, office buildings, shopping malls and hotels in
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
KWG has an ESG Relevance Score of '4' for Financial Transparency due to previously undisclosed contingent liabilities and the delayed issuance of its 2021 audited financial reports, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.
Following the withdrawal of ratings for KWG, Fitch will no longer be providing the associated ESG Relevance Scores.
RATING ACTIONS
Entity / Debt
Rating
Prior
LT IDR
WD
Withdrawn
CCC+
senior unsecured
LT
WD
Withdrawn
CCC+
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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