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S&P Global Ratings

S&P Global Ratings
The latest news and top stories on S&P Global Ratings. New York-based S&P specialises in credit ratings and financial analysis on stocks bonds and commodities. Known as the largest of the "Big Three" credit-rating agencies, S&P has over one million ratings outstanding.
Volkswagen’s research and development centre in eastern China’s Anhui provincial capital of Hefei on November 20, 2025. Photo: handout
Volkswagen

Can Volkswagen regain its China market share with its US$3.5 billion bet?

Volkswagen, which once had 50 per cent of China’s vehicle market, has invested €3 billion in its largest R&D centre outside its home country in Hefei.

China property

Vanke’s bondholders reject payment extension, raising default risk

Electric & new energy vehicles

High-end car sales sink in China as cheaper brands trump European marques

Insurance

Hong Kong insurers face profit pressure in aftermath of deadly Tai Po fire

Impact will be manageable, but insurers may have to rethink pricing strategies that have led them to cut premiums amid competition, S&P says.

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Hundreds of people queue on Sunday to lay flowers and pay tribute to victims of the deadly fire at Wang Fuk Court in Tai Po, seen in the background. Photo: Karma Lo
China property

The View | Why China Vanke’s debt woes have barely made a ripple in markets

Robust exports, surging stocks and investors looking elsewhere have curbed pressure for more forceful government intervention.

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China's economic recovery

Explainer | What’s next for China’s economy in 2026 – and how it plans to tackle challenges

Top investment banks forecast moderate growth next year amid trade, property and structural challenges.

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China property

China Vanke hit with fresh S&P downgrade amid mounting default concerns

Once a bellwether for China’s property sector, China Vanke now faces a CCC- rating, negative CreditWatch and a tight refinancing window.

The downgrade reflected Vanke’s “unsustainable” financial commitments, according to S&P ratings agency. Photo: Shutterstock
China property

China’s property sector needs stronger stimulus: Citigroup economist

Citi is the latest international bank to call for more aggressive policies from Beijing to jolt the country’s ailing property market.

China property

China’s property market poised to decline at least through 2026: S&P analyst

Nationwide primary property sales are expected to fall 8 per cent in 2025 and between 6 to 7 per cent in 2026.

Banking & finance

US dollar slide could pressure export-driven sectors and banks, S&P warns

US dollar depreciation against euro, yen and most emerging-market currencies over next three years expected to be ‘modest and orderly’.

The US dollar has fallen from a peak in January when President Donald Trump returned to office. Photo: Shutterstock
China property

Embattled Chinese property developer replaces chairman as debt pressures mount

News of a leadership change boosts bonds of China Vanke, which had nearly US$90 billion in liabilities as of September.

Xin Jie has resigned as chairman and non-executive director of China Vanke. Photo: Handout
China's economic recovery

China rate cuts likely in fourth quarter amid growth concerns: Goldman Sachs

But if China can stay on track to meet its economic growth target, no action is still a possibility, analysts say.

Banking & finance

China’s banks face their ‘Japanification moment’, S&P report warns

For China’s central bank, ‘safeguarding growth and social stability will take priority over bank profits’, the report says.

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Germany

Midea’s AC sales jump 35% in Europe amid heatwaves, offsetting slowdown in China

The Foshan-based appliance maker’s overseas revenue accounted for 43 per cent of its total revenue in the first half of 2025.

Germany was Midea’s second-biggest European market for air conditioners after Italy in the first half of 2025, according to S&P Global Ratings. Photo: Shutterstock
Asean

US urges Asean to commit to ‘fair and balanced trade’ amid tariff concerns

Growth in Asean economies is expected to slow to 4.5 per cent on average in 2025 due to the impact of US tariffs, according to S&P.

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US Trade Representative Jamieson Greer delivers opening remarks in his talks with Asean’s economic ministers in Kuala Lumpur on Wednesday. Photo: Reuters
Banking & finance

Li Ka-shing-controlled CK Hutchison’s bond sale gets high rating from Fitch, S&P

The planned notes, the proceeds of which will be used for general corporate purposes, have been rated A- by Fitch and A by S&P Global Ratings.

Hong Kong property

The View | Why Hong Kong’s commercial property market could do with some stress

Not only can the resulting adjustments help unlock investments, but a sterner stress test is likely to accentuate the resilience of Hong Kong’s banking system.

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Banking & finance

Macroscope | Beware of rising bond yields and falling markets

As markets greet the Fed rate cut with enthusiasm, long-term bond yields paint a much more alarming picture.

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Pedestrians walk past a stock market indicator board in Tokyo on September 18 as the index soars following the US Federal Reserve’s decision to cut interest rates. Photo: EPA
Hong Kong property

NWD, CK Asset launch home sales, hoping year’s first rate cut revives sentiment

New World is selling all 120 units at House Muse in Kowloon City, and CK Asset is selling the last 70 units at Blue Coast II in Wong Chuk Hang.

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Alibaba

Alibaba eyes US$3.2 billion boost for cloud and global e-commerce push

The zero-coupon convertible senior notes maturing on September 15, 2032, will be sold via a private offering to non-US investors.

France

Macron scrambles to find new French PM after government is ousted

President Macron is seeking a fifth prime minister in less than two years after the French government collapsed in a confidence vote.

French Prime Minister Francois Bayrou before a speech and a confidence vote in Paris on Monday. Photo: TNS
China consumption

China vows more fiscal support to spur demand and curb local government debt

Beijing will also boost stimulus to support families and further back emerging industries, finance minister says.

Lan Foan, China’s finance minister, attends a conference on the economy for the third session of the 14th National People’s Congress (NPC) on March 6 in Beijing. Photo: VCG via Getty Images
Banking & finance

Can Xiaomi disrupt the home appliance market like it did with EVs?

Despite early success at home, industry watchers caution that the company faces significant challenges in competing with established players.

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