Fitch affirms Zhongrong Xinda

Fitch said it affirmed Zhongrong Xinda Group Co., Ltd.'s long-term issuer default rating and senior unsecured rating at B-.

The outlook is negative.

The ratings were placed on Rating Watch negative on July 18 as a result of company's constrained liquidity and uncertainty over its ability to meet debt maturities of RMB 10 billion over the next 12 months.

“The Rating Watch has been removed as the company has been repaying maturing debt and it issued RMB 1.5 billion of onshore bonds on Dec. 4.

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