Fitch Upgrades China Vanke's IDR to CC

MT Newswires Live

08/03

Fitch Ratings upgraded China Vanke's (HKG:2202, SHE:000002) long-term foreign- and local-currency issuer default ratings to CC from RD after completing a series of bond restructurings, according to a July 31 release from the ratings firm.

The property developer's Hong Kong shares rose 2% during Monday's midday trade.

The ratings firm viewed the bond restructuring series as a distressed debt exchange.

Fitch also affirmed the long-term IDR of the company's subsidiary, Vanke Real Estate (Hong Kong), at CC and its senior unsecured rating outstanding senior bonds' rating at C. Its lower Recovery Rating was changed to RR6 from RR5.

Both companies were rated under Fitch's Parent and Subsidiary Linkage Rating Criteria as their credit profiles reflect very high credit risk.

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Its lower Recovery Rating was changed to RR6 from RR5.</p><p>Both companies were rated under Fitch's Parent and Subsidiary Linkage Rating Criteria as their credit profiles reflect very high credit risk.</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"000002","symbol_name":"萬科A","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2656340218","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2656340218","pubTimestamp":1785734048,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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