Fitch downgrades Shinsun

Fitch Ratings said it lowered Shinsun Holdings (Group) Co., Ltd.'s long-term foreign-currency issuer default rating to B- from B.

The agency said it also removed the ratings from under criteria observation following the publication of its updated corporate rating criteria. The outlook is negative.

“The downgrade and negative outlook reflect Shinsun's limited funding access amid refinancing needs in the coming 12 months. The negative outlook also takes into consideration volatile sales amid a slowdown in China's property market. The related weakening in consumer confidence may lead to further deterioration in the company's liquidity and cash collection and damage its business profile,” Fitch said in a press release.

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