A Chinese government-backed steelmaker faces the highest default risk among the nation’s listed companies with bonds due in the next year, according to the Bloomberg Default Risk model, amid mounting signs of stress at state firms.
Xining Special Steel Co., whose products are used in the rail, automobile and energy industries, has a 5.7 percent probability of missing debt payments in the next 12 months, the highest among 420 listed Chinese issuers with note payments due in the coming year, according to the Bloomberg Default Risk model.
That compares with an average 1.2 percent probability for all the firms. The model tracks metrics including share performance, debt and cash flow.
Three Chinese state-owned enterprises have reneged on bond obligations this year, compared with only one in the same period of 2015. Dongbei Special Steel Group Co.defaulted on bonds three times in the past month. Baoding Tianwei Group Co. on April 21 missed debt payments for a third time. Xining Special Steel has securities maturing in June.
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