Fitch Ratings downgraded Fantasia to “CCC-” on Monday, a move that points to default as a possibility.
The ratings agency added in a statement that although media reports said Fantasia missed an earlier payment to bondholders, the bond “does not appear to have been disclosed in the company’s financial reports”.
“We believe the existence of these bonds means that the company’s liquidity situation could be tighter than we previously expected.
“Furthermore, this incident casts doubt on the transparency of the company’s financial disclosures,” Fitch added.
Separately, S&P Global Ratings has downgraded another Chinese property firm – Sinic Holdings – saying its “debt-servicing ability has almost been depleted”.
Sinic has been unable to service interest repayments, which could result in “accelerating repayments on Sinic’s other debt obligations”, S&P said on Monday.
Fitch downgraded Sinic from “CCC” to “C” on Tuesday, reflecting its view that “a default-like process has begun” for the company.
The boss of Shanghai-based Sinic hit the headlines last month when he lost more than a billion dollars in a market meltdown linked to fears about Evergrande.
Zhang Yuanlin saw his net worth drop from US$1.3 billion to US$250.7 million on Sep 20, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 per cent slump in its share price.
China’s real-estate sector has been under tightened scrutiny in recent months, with regulators announcing caps for three different debt ratios in a scheme dubbed “three red lines” last year.
Beijing has stayed silent on the travails of Evergrande, but state media has trailed various responses in a nod to the mood towards a private company that grew on a debt binge in the boom years of Chinese real estate.
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