Fitch cuts Risland debentures

Fitch Ratings said it downgraded the national long-term ratings on the guaranteed debentures of Risland (Thailand) Co. Ltd. (RLT) to A(tha) from AA(tha). All the ratings remain on rating watch negative. Country Garden Holdings Co. Ltd. guarantees the debentures.

The downgrade follows Monday’s downgrade of Country Garden's long-term issuer default ratings to BB+ from BBB-, Fitch said.

“Fitch will resolve the RWN on RLT's guaranteed debentures once the RWN on CGH's long-term IDRs is resolved. The national long-term ratings on RLT's guaranteed debentures could be downgraded by more than one notch should CGH's ratings be downgraded,” the agency said in a press release.

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