Credit rating agency Moody’s announced on Tuesday that it withdrew its rating for China’s real estate giant Evergrande due to insufficient information. 

Moody’s said it also withdrew its rating on three major Evergrande subsidiaries.

Another real estate developer, Kaisa, had ratings pulled by Moody’s.

This latest move from Moody’s reflects the distressing problem China’s real estate sector has faced amid the liquidity crunch. 

Before the rating withdrawal, Moody’s placed a Ca rating and a negative rating outlook for both Evergrande and Kaisa.

Market Watch reported that both debt-hit developers defaulted on their offshore debt last December after facing liquidity problems for months.

In June, another credit rating agency, Fitch Ratings, also withdrew its ratings on Evergrande because the developer failed to participate in the process. 

Evergrande is the world’s most indebted firm. It failed to release the restructuring proposal for its $300 billion debt in late July. As a result, lenders seized its headquarters buildings in Hong Kong in September. 

China’s ongoing crisis has shown no sign of recovery despite rescue efforts from Beijing. The crisis is one of the major factors slowing down China’s economy, making China unable to achieve its official target of 5.5% growth for the year.

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