China’s Guangzhou R&F Properties said that it will stop appointing Fitch Ratings to conduct long-term corporate credit rating on the company and its subsidiary, R&F Properties (HK).
Fitch will also no longer conduct senior unsecured ratings on R&F HK and ratings on the bonds issued and guaranteed by subsidiaries of R&F HK.
So far, R&F Properties has been listed as a judgement defaulter by the Tianhe District People’s Court of Guangzhou City twice, involving amounts of 1.2066 million yuan and 393,300 yuan, respectively, it said.
The company is actively communicating with the relevant organizations regarding the listing and the matters won’t have material adverse impact on its operation, financial condition and debt capacity, it added.