Fitch cuts Guangzhou R&F

Fitch Ratings said it downgraded the long-term issuer default ratings on Guangzhou R&F Properties Co. Ltd., and its subsidiary, R&F Properties (HK) Co. Ltd. to RD from C on the completion of Guangzhou R&F's exchange offer. The rating actions follow Fitch's distressed debt exchange rating criteria.

The terms reduced those of the outstanding notes, with the price payable per $1,000 note principal accepted for immediate purchase reduced to $830 together with accrued interest payments, or the repayment extended by six months from Jan. 13 to July 13 with 50% of the principal repayment on Jan. 13 and the remainder on July 13, Fitch noted.

The agency also affirmed the senior unsecured ratings of Guangzhou R&F and RFHK at C with an RR4 recovery rating.

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