(The following statement was released by the rating agency)
HONG KONG, September 13 (Fitch) Fitch Ratings has downgraded
China-based
property developer Wuzhou International Holdings Limited's
(Wuzhou) Long-Term
Foreign-Currency Issuer Default Ratings (IDRs) to 'CCC' from
'B-'. Wuzhou's
senior unsecured ratings have also been downgraded to 'CCC' from
'B-', with the
Recovery Rating remaining at 'RR4'.
The downgrade reflects the sustained weakening of Wuzhou's
financial position as
demand for
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