Fitch downgrades Kangde Xin

Fitch said it downgraded Kangde Xin Composite Material Group Co., Ltd.'s long-term foreign-currency issuer default rating to B+ from BB. The outlook is negative.

At the same time, Fitch downgraded the senior unsecured rating to B+ with a Recovery Rating of RR4 from BB.

“The downgrade follows KDX's reduced access to funding after regulators in China found fault with Kangde Investment Group Co., Ltd.'s. (Kangde Group) dealings and the subsequent decline in KDX's stock price,” Fitch said in a news release.

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