Fitch places Hoang Angh Gia Lai on watch

Fitch Ratings said it placed Hoang Anh Gia Lai JSC's B long-term foreign and local currency issuer default B ratings on negative watch.

Its B- senior unsecured rating and B- rating on its $90 million notes have also been placed on negative watch. The recovery rating on the notes is unaffected at RR5.

The agency said the negative watch reflects the company's continued tight liquidity, with its real estate inventory as of March 31 little changed from levels at the end of 2011. Also, Fitch said the compay's new non-property businesses of iron ore mining, hydro power and plantations are yet to start generating meaningful revenues.

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