Fitch drops Hilong

Fitch Ratings said it dropped Hilong Holding Ltd.’s long-term foreign-currency issuer default rating to RD from CC after the company failed to repay its $165.11 million of 7¼% senior unsecured note due June 22.

“The non-payment is consistent with an RD rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation,” Fitch said in a press release.

Concurrently, Fitch said it downgraded Hilong’s senior unsecured rating and the ratings on its dollar-denominated bonds to C from CC with a recovery rating of RR4. The expected rating on the company’s proposed dollar-denominated bonds was downgraded to C from CC with the recovery rating staying at RR4.

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