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China debt crunch

China's Huarong repays $600m in bonds, day after ratings downgrade

Asset manager meets maturity, but Fitch move puts company two notches above junk

Concerns over China Huarong Asset Management's financial health have heightened since it missed reporting its preliminary 2020 results by a March 31 deadline.   © Reuters
NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | China

HONG KONG -- China Huarong Asset Management, the largest distressed debt manager in the country, on Tuesday repaid about $600 million of maturing bonds, a day after it suffered a credit ratings downgrade.

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