Fitch cuts Newland

Fitch Ratings said it has downgraded the senior secured notes issued by Newland International Properties, Corp., which is a Panamanian company established to develop the Trump Ocean Club luxury hotel and condominium, as follows: $257.6 million senior secured notes due July 2017 to Csf/RE50% from CCsf/RE60%.

The notes replaced the defaulted $220 million senior secured notes due November 2014 on July 3, 2013, Fitch said.

The agency assigns recovery estimates (RE) to all classes rated CCCsf' or below.

Since restructuring, the company said it has discounted prices in order to sell individual condo units and executed two bulk sales at even larger discounts. This has impacted the overall collateral supporting the transaction.

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