Fitch views Kunming Public negatively

Fitch Ratings said it revised Kunming Public Rental Housing Development Construction Management Co., Ltd.'s outlook to negative from stable and affirmed the ratings at BB+.

“The negative outlook reflects the slower sales progress of KPRH's restricted-price properties than our earlier forecast, and the weakening cash coverage on its short-term debt. The deterioration in its financial profile could lead to a lower stand-alone credit profile assessment if income growth does not catch up with debt growth to fund the construction of social affordable housing,” Fitch said in a press release.

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