Fitch changes Yida China view

Fitch Ratings said it revised the outlook on Yida China Holdings Ltd. to stable from positive.

At the same time, the agency affirmed Yida's long-term foreign-currency issuer default rating at B, and its senior unsecured rating and outstanding senior unsecured notes at B with a recovery rating of RR4.

“The outlook revision reflects the company's weaker-than-expected sales of property, including residential products and offices, which have slowed its progress in deleveraging,” Fitch said in a news release.

“Meanwhile, Yida's recurring income from operating business parks also increased slower than our estimate after the company decided to stop adding new investment properties.”

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