Brief: Fitch Downgrades Xinyuan To 'RD'

Xinyuan Real Estate Co

20/10/2021 11:32

Oct 20 (Reuters) - Fitch Ratings:
    * FITCH DOWNGRADES XINYUAN TO 'RD'; UPGRADES TO 'CC'
    * FITCH SAYS DOWNGRADED XINYUAN REAL ESTATE CO., LTD.'S
LONG-TERM
FOREIGN-CURRENCY ISSUER DEFAULT RATING TO 'RESTRICTED DEFAULT'
(RD), FROM 'C'
    * FITCH SAYS XINYUAN'S IDR OF 'CC' REFLECTS ITS TIGHT
LIQUIDITY
SITUATION, WITH WEAK FUNDING ACCESS AND LARGE OFFSHORE BOND
MATURITIES IN NEXT 12 MONTHS
    * FITCH SAYS AFFIRMED XINYUAN'S SENIOR UNSECURED RATING AND
RATING
ON ITS OUTSTANDING BONDS AT 'C' WITH A RECOVERY RATING OF 'RR5'
    * FITCH SAYS XINYUAN'S RECENT CHANGE OF AUDITOR, CONTINUED
DELAY
IN PUBLICATION OF 2020 FINANCIALS MAKE IT MORE DIFFICULT TO
ASSESS CREDIT METRICS
    * FITCH SAYS XINYUAN'S IDR OF 'CC' REFLECTS TIGHT LIQUIDITY
SITUATION, WITH WEAK FUNDING ACCESS AND LARGE OFFSHORE BOND
MATURITIES IN NEXT TWELVE MONTHS

Source text for Eikon:  ID:nFIT6LR0td 
Further company coverage:  XIN.N 

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