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Bond Market News

R&F Properties Downgraded to RD by Fitch on Completion of Exchange Offer

Guangzhou R&F Properties has been downgraded to RD (Restrictive Default) from C by Fitch on completion of its exchange offer. The rating agency also downgraded its subsidiary R&F Properties (HK) Company Limited to RD, stating that this rating action is in accordance with its Distressed Debt Exchange (DDE) Rating Criteria. This comes just days after S&P cut R&F Properties (HK) to SD (Selective Default) from CC citing similar reasons. Explaining its rationale for the downgrade, Fitch said that the exchange offer was necessary for the company to avert a default given its tight liquidity.

R&F’s dollar bonds issued by Easy Tactic continue to trade at distressed levels with its 8.125% 2023 trading at 26.13.

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