Fitch revises Haidilao trend to negative

Fitch Ratings said it revised Haidilao International Holding Ltd.'s outlook to negative from stable and affirmed the BBB- long-term issuer default and senior unsecured ratings. Fitch also affirmed the rating of its U.S. dollar senior unsecured notes at BBB-.

“The outlook revision reflects increased uncertainty over Haidilao's recovery trajectory amid China's persistent Covid-19-related measures that dampen consumers' willingness to dine out and a weaker consumption environment. Fitch expects an uncertain recovery pace even after the easing of lockdowns as consumers may reduce their frequency of dining out or prefer to eat at home due to frequent testing requirements to enter public places,” Fitch said in a press release.

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