Fitch cuts Taylor Wimpey to CCC

Fitch Ratings said it downgraded Taylor Wimpey plc's long-term issuer default and senior unsecured ratings to CCC from B and short-term issuer default rating to C from B. Ratings are on Rating Watch negative.

The downgrades reflect the heightened default risk as the next covenant testing date approaches, the agency said.

Ongoing weakness in the U.K. housing market could lead to the company breaching interest coverage covenants, the agency noted.

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