Fitch cuts Yida China to CCC

Fitch Ratings said it downgraded Yida China Holdings Ltd.'s long-term foreign-currency issuer default rating to CCC from B-.

At the same time, Fitch downgraded its senior unsecured rating and the rating on its $300 million 6.95% senior notes due 2020 to CCC from B- with a recovery rating of RR4.

The ratings were downgraded further after Fitch's downgrade in April 2019 to reflect an increase in the company's liquidity risk and a weakening in its access to funding, the agency said.

Yida is also suffering from greater uncertainty over the repayment of offshore notes due to its slow asset-sale schedule, the agency added.

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