Contagion] Fitch downgrades Aoyuan Group from CCC- to C. Reason: “a default or default-like process has begun.”

 https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-china-aoyuan-group-to-c-07-12-2021

Fitch Ratings – Hong Kong – 07 Dec 2021: Fitch Ratings has downgraded China Aoyuan Group Limited’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’, from ‘CCC-‘. Fitch has also downgraded the senior unsecured rating and the ratings on the outstanding US-dollar senior unsecured notes to ‘C’, from ‘CCC-‘, with the Recovery Rating remaining at ‘RR4’.

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The China Defualt is gonna be one for the History books..Think 100 foot tsunami..