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Fitch shifts Evergrande, Hengda view to stable
Fitch Ratings said it revised the outlook on China Evergrande Group and that of its subsidiary, Hengda Real Estate Group Co., Ltd., to stable from positive and affirmed the companies’ long-term foreign-currency issuer default ratings at B+.
Fitch also affirmed Evergrande’s senior unsecured rating at B with a recovery rating of RR5 and Hengda’s senior unsecured rating at B+ with recovery rating of RR4.
“The outlook revision reflects Fitch’s belief that the group's ability to cut debt will weaken due to flat contracted sales, higher payables stemming from heavier spending on non-property businesses and increased reliance on short-term debt,” said Fitch in a press release.
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