Fitch puts Hangzhou Shangcheng on evolving watch

Fitch Ratings said it placed Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co., Ltd.'s long-term foreign- and local-currency issuer default ratings of BBB- on rating watch evolving. The BBB- ratings on the senior unsecured debt issued by its offshore unit Zhejiang Baron (BVI) Co. Ltd. have also been placed on RWE.

HUSC guarantees Zhejiang Baron’s senior unsecured debt.

“The RWE reflects the potential impact on HSUC of an administrative change of the sponsor, Jianggan District, and mergers of the local government-related entities (GREs) in Shangcheng district,” Fitch said in a press release.

The agency said it aims to resolve the RWE within six months.

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