Brief: Fitch Downgrades Xinyuan Real Estate Co Ltd To 'C' On Distressed Debt Exchange

Xinyuan Real Estate Co

08/10/2021 11:39

Oct 8 (Reuters) - Xinyuan Real Estate Co Ltd  XIN.N :
    * FITCH DOWNGRADES XINYUAN TO 'C' ON DISTRESSED DEBT
EXCHANGE
    * FITCH SAYS DOWNGRADED XINYUAN REAL ESTATE CO., LTD.'S
LONG-TERM
ISSUER DEFAULT RATING (IDR) TO 'C' FROM 'CCC'
    * FITCH SAYS DOWNGRADED XINYUAN REAL ESTATE RATING ON
OUTSTANDING
BONDS TO 'C' WITH A RECOVERY RATING OF 'RR5' FROM 'CCC' WITH A
RECOVERY RATING OF 'RR4'
    * FITCH SAYS TO RE-RATE XINYUAN'S IDRS TO LEVEL CONSISTENT
WITH
POST-EXCHANGE CAPITAL STRUCTURE, WHICH WOULD LIKELY BE WITHIN
LOW SPECULATIVE-GRADE RANGE

Source text for Eikon:  ID:nFIT1qfJ4d 
Further company coverage:  XIN.N