Fitch trims Oceanwide to CCC+

Fitch Ratings said it downgraded Oceanwide Holdings Co. Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating to CCC+ from B-. The recovery rating on its senior unsecured rating is RR4.

“The downgrade reflects the uncertainties in the execution of Oceanwide's fund-raising plans to cover cash outflows for the year. Oceanwide is transforming into a financial conglomerate, but there is significant debt locked in the property business. The company is dependent on sales of property assets and other liquidity sources to service debt and meet ongoing operational costs,” Fitch said in a press release.

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