Fitch downgrades Ronshine

Fitch Ratings said it downgraded Ronshine China Holdings Ltd.'s long-term foreign-currency issuer default rating to B- from B and the senior unsecured rating on Ronshine's outstanding U.S. dollar-denominated senior notes to B- from B with an RR4 recovery rating.

“The downgrade reflects increasing uncertainty over refinancing of Ronshine's capital market maturities in 2H22. Fitch believes Ronshine has sufficient liquidity to address its U.S. dollar bonds due March 2022, but its capital-market access remains limited, and we believe it may have to rely mostly on cash generation from contracted sales to repay its capital-market maturities in 2022,” the agency said in a press release.

Ronshine has $394 million in senior notes due March 1 and $690 million of notes due in October.

The outlook is negative.

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