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<CN Home>Fitch Upgrades CHINA VANKE Long-Term Foreign-Currency Issuer Default Rating to 'CC'
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Following CHINA VANKE (02202.HK)'s completion of the restructuring of three RMB bonds, Fitch Ratings upgraded CHINA VANKE's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) from 'RD' to 'CC', Fitch Ratings said. Fitch also affirmed the Long-Term IDR on CHINA VANKE's wholly-owned subsidiary, Vanke Real Estate (Hong Kong), at 'CC', along with its senior unsecured rating and the rating on its outstanding senior notes at 'C', with a Recovery Rating of 'RR5'. CHINA VANKE completed restructuring of RMB2 billion, RMB3.7 billion and RMB1.1 billion of bonds originally maturing on December 2025 and January 2026, Fitch noted. The company repaid 40% of the principal of these onshore bonds and extended the maturity date of the remaining 60% by one year. AASTOCKS Financial News Website: www.aastocks.com |
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