Fitch trims Hainan State Farms

Fitch Ratings said it downgraded Hainan State Farms Investment Holdings Group Co., Ltd.’s long-term foreign- and local-currency issuer default ratings to BBB from BBB+. Fitch also lowered the rating on HSF's $300 million of 3% bonds due 2024 to BBB from BBB+.

The agency also removed the ratings from rating watch negative. Fitch placed the ratings on RWN on July 13 after a portfolio review of Chinese government-related entities. “The RWN reflected a potential reassessment of the financial implications of default attribute under Fitch's GRE rating criteria,” the agency said in a press release.

The lower rating indicates a revised assessment of the financial implications of default to ‘Moderate’ from ‘Strong’ under Fitch’s rating criteria, leading to a lower GRE score, the agency said.

The outlook is stable.

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