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Fitch revises Guangzhou R&F view to negative
Fitch Ratings said it revised the outlook on Guangzhou R&F Properties Co. Ltd. to negative from stable and affirmed the long-term foreign- and local-currency issuer default ratings at B+. Fitch also affirmed Guangzhou R&F’s senior unsecured rating at B+, with a recovery rating of RR4.
“The negative outlook reflects the rising refinancing risk on the upcoming maturities of capital-market debt and the execution risks related to the company’s refinancing plans. However, Fitch believes that the company has a number of options to address these upcoming debt maturities, with CNY 230 billion of saleable resources and an increased willingness to boost sales by cutting prices,” Fitch said in a press release.
The company is also in talks for several asset disposals, which could bring in more cash, the agency said.
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