Fitch cuts Yancheng Oriental

Fitch Ratings said it downgraded Yancheng Oriental Investment & Development Group Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to BB from BB+ and removed them from rating watch negative.

The outlook is stable.

The agency also downgraded the ratings on the $300 million 5.15% senior unsecured notes issued wholly owned subsidiary Oriental Capital Co. Ltd. to BB from BB+ and removed from negative watch.

Fitch placed the long-term foreign- and local-currency issuer default ratings of Yancheng Oriental, together with a number of Chinese government-related entities (GREs), on rating watches on Dec. 20 following the publication of our Exposure Draft: Government-Related Entities Rating Criteria in November 2017.

“Today's rating actions follow Fitch's re-assessment of government support for Yancheng Oriental following the publication of our Government-Related Entities Rating Criteria dated 7 February 2018,” the agency explained in a news release.

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