Fitch lowers Longfor outlook to negative

Fitch Ratings said it revised the outlook on Longfor Group Holdings Ltd. to negative from stable and has affirmed its long-term foreign-currency issuer default rating, senior unsecured rating and the ratings on its outstanding senior notes at BBB.

“The negative outlook reflects the persistently poor capital-market conditions for Chinese property developers, which limits Longfor's direct access to debt capital markets. Fitch is also monitoring whether recent key management changes will adversely affect the company's business performance and banking relationships,” Fitch said in a press release.

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