Fitch downgrades Zhongliang

Fitch Ratings said it downgraded Zhongliang Holdings Group Co. Ltd.'s long-term foreign-currency issuer default rating to RD, Restricted Default, from C on the completion of an exchange offer on May 18. The agency also affirmed Zhongliang's senior unsecured rating at C with the recovery rating remaining at RR4.

Zhongliang completed the exchange of $262 million of the May 2022 notes and $368 million of the July 2022 notes into $201 million of new notes due in April 2023 and $429 million of new notes due in December 2023.

On June 1, the issuer reported another offer for the remaining $98 million of May 2022 and July 2022 notes that will be consolidated into a single series of notes of the notes issued on May 18.

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