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<CN Home>Fitch Downgrades CHINA VANKE to RD; Further Debt Restructuring or Default Possible in Coming Weeks
Recommend 5 Positive 2 Negative 5 |
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Fitch Ratings downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of CHINA VANKE (02202.HK) to RD (Restricted Default) from CC. Meanwhile, Fitch affirmed the Long-Term IDR of CHINA VANKE's wholly owned subsidiary, Vanke Real Estate (Hong Kong), at CC, and maintained its senior unsecured rating and the ratings on its outstanding senior notes at C, with a Recovery Rating of RR5. Fitch stated that the downgrade reflects CHINA VANKE's recent completion of an onshore bond restructuring, which Fitch regards as a Distressed Debt Exchange (DDE) under its corporate rating criteria. Despite the completion of the DDE, the RD rating was maintained as Fitch viewed that, given CHINA VANKE's tight liquidity and substantial capital market debt maturities approaching, further debt restructurings or default events may occur in the coming weeks. AASTOCKS Financial News |
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