Fitch downgrades Hydoo

Fitch Ratings said it downgraded the long-term issuer default rating of Hydoo International Holding Ltd. to B- from B.

The outlook is stable.

The company’s senior unsecured rating and the rating on its outstanding $100 million senior notes also were downgraded to B- from B with recovery rating of RR4.

The downgrades reflect an expectation that sales of trade centers and logistic property in China will be depressed in the next 18- to 24-months due to slower macro-economic growth, declining local government spending on infrastructure and lower investor appetite, Fitch said.

The agency said it believes that Hydoo's performance will track with the industry trends over this period given its small scale and focus on lower-tier cities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.