Fitch slashes Signa Development

Fitch Ratings said it downgraded Signa Development Selection AG's long-term issuer default rating to CCC from B- and the senior unsecured rating to B- from B+ with an RR2 recovery rating

In Signa Development's interim results to June 30, 2023, it disclosed that it is facing challenges including concerning its liquidity position and that Signa was in the process of hiring financial and legal advisors.

“Other Signa group entities have ceased projects and have financing difficulties due to the changes in the interest rate environment, bank funding and valuations,” Fitch said in a statement.

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