Fitch Ratings has downgraded
Fitch has also downgraded CFLD's senior unsecured rating and the ratings on all outstanding bonds to 'C' from 'CC'. The Recovery Rating is 'RR4'. At the same time, Fitch has withdrawn the ratings.
The rating downgrade follows CFLD's announcement that it has not repaid its
Fitch has withdrawn the ratings as CFLD has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch Ratings will no longer provide ratings or analytical coverage for the company.
KEY RATING DRIVERS
Non-Payment of Notes: CFLD announced on
DERIVATION SUMMARY
CFLD's ratings have been downgraded to 'RD', as our definition of the rating is uncured payment default but no initiation of bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures as yet and continuity of business operations.
RATING SENSITIVITIES
Not applicable as the ratings have been withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
Rating ActionsENTITY/DEBT RATING RECOVERY PRIOR
senior unsecured
LTC Downgrade RR4 C C
senior unsecured
LT WD Withdrawn CC
China Fortune Land Development Co., Ltd. LT IDR RD Downgrade CC
LT IDR WD Withdrawn CC
senior unsecured
LTC Downgrade RR4 C C
senior unsecured
LT WD Withdrawn CC
View additional rating details
Additional information is available on www.fitchratings.com
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