Fitch trims Fantasia

Fitch Ratings said it trimmed Fantasia Holdings Group Co., Ltd.'s long-term foreign-currency issuer default rating to B from B+. The agency also downgraded the senior unsecured rating and the rating on Fantasia's outstanding dollar-denominated senior notes to B from B+ with an RR4 recovery rating.

The outlook is negative.

The downgrade and negative outlook reflect Fantasia's lower 1H21 implied cash collection than Fitch expected and uncertainty over the refinancing of a significant amount of U.S. dollar bond maturities through to 2022 in light of ongoing capital market volatility. The low implied cash collection was partly due to a higher contribution from joint-venture (JV) projects that are not consolidated into Fantasia's financials. The cash flow at JV projects may be less accessible than at consolidated projects,” the agency said in a press release.

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