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Prospect News home > News index > List of issuers G > Headlines for Guangyang Antai Holdings Ltd. > News item |
Fitch cuts Guangyang Antai
Fitch Ratings said it downgraded Guangyang Antai Holdings Ltd.'s long-term foreign currency issuer default rating to B+ from BB-.
The outlook is stable.
Fitch also downgraded Guangyang Antai's senior unsecured rating to B+ from BB-. The recovery rating is RR4.
The agency said the downgrade is driven by Fitch's assessment that Guangyang Antai's substantial amounts of external guarantees carry an elevated level of risk and render the company vulnerable to liquidity issues under tight credit conditions.
“Guangyang Antai's ratings are more commensurate with B+ as we do not expect the increased risks associated with its substantial external guarantees to decrease materially in the near term,” Fitch said in a news release.
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