Fitch affirms China Grand Automotive

Fitch Ratings said it affirmed China Grand Automotive Services Group Co., Ltd.'s long-term foreign-currency issuer default rating of BB-. The outlook is stable.

Fitch also affirmed the foreign-currency senior unsecured rating and the rating on its outstanding senior notes at BB-.

“The rating affirmation reflects the company's leading position in China's competitive auto-dealership market, the long-term outlook of the business and CGA's high leverage,” the agency said in a news release.

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