Fitch puts Liangshan Development on watch

Fitch Ratings said it placed Liangshan Development (Holdings) Group Co., Ltd.'s long-term foreign- and local-currency issuer default ratings of BB and BB senior unsecured rating on the group's $300 million of 7% bonds due 2022, under rating watch negative.

“LSID's ratings are assessed under Fitch's government-related entities rating criteria. This reflects Liangshan prefecture's control and ownership of the entity, the government's support record, and the socio-political and financial impact on the government from a default by LSID,” Fitch said in a press release.

The agency said it aims to resolve the RWN once it has assessed the financial implications of default laid out in its rating criteria against recent credit incidents, central authority policy directives and a challenging financing climate.

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