Fitch upgrades Times China

Fitch Ratings said it upgraded Times China Holdings Ltd.’s long-term foreign-currency issuer default rating and senior unsecured rating to CC from C. the recovery rating remains at RR4.

“The upgrade follows Times China's repayment of interest on two bonds before the grace periods end on Aug. 12 and Aug. 14. Fitch believes the company will continue to face liquidity challenges, with a large amount of capital-market maturities and interest payments in 2H22 and 1H23, while its access to funding could remain limited and sales performance may stay weak,” the agency said in a press release.

Last month, the issuer skipped the payments on its $350 million of 5¾% notes due 2027 and $500 million of 6¾% of notes due 2023 but made the payments on Aug. 4 and 5.

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