Fitch alters China Grand view to negative

Fitch said it revised the outlook on China Grand Automotive Services Group Co., Ltd. to negative from stable, and affirmed the rating at B+.

The outlook reflects the high concentration of long-term debt maturing over the next year, the agency said.

“The rating affirmation is based on our expectation of a recovery in EBITDA and sufficient liquidity to meet capital-market obligations. However, an inability to refinance a portion of long-term debt could cause liquidity to tighten and increase reliance on specific funding channels, such as short-term bank loans,” Fitch said in a press release.

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