Fitch trims Taizhou Huaxin

Fitch said it trimmed Taizhou Huaxin Pharmaceutical Investment Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to BB from BB+.

The agency also lowered the rating on Huaxin Pharmaceutical (Hong Kong) Co., Ltd.'s $146 million of 5% senior unsecured notes due 2024 to BB from BB+. The notes are directly guaranteed by Taizhou and hence rated at the same level as its IDR.

“All ratings have been removed from rating watch negative (RWN), on which they were placed on July 13, 2021, amid a portfolio review of Chinese government-related entities (GRE). The RWN signaled potential negative rating action should Fitch lower its assessment of the company's financial implications attribute. The downgrade comes after our reassessment, which resulted in the revision of the attribute to moderate from strong leading to a lower overall support score,” Fitch said in a press release.

The outlook is stable.

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