Fitch lowers China Grand Auto

Fitch Ratings said it downgraded China Grand Automotive Services Group Co., Ltd.'s long-term foreign-currency issuer default rating to B+ from BB-. The outlook is negative.

“The downgrade reflects the deterioration in CGA's liquidity. The negative outlook factors in the ongoing uncertainty over the automotive retailer's ability to follow through with its deleveraging plan amid the disruptions caused by the coronavirus outbreak,” said Fitch in a press release.

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