Fitch downgrades Jiangsu NHL

Fitch Ratings said it downgraded Jiangsu NewHeadLine Development Group Co., Ltd.'s (Jiangsu NHL) long-term foreign- and local-currency issuer default ratings to BB from BB+.

The ratings also were maintained on Rating Watch negative.

The downgrade reflects the delay in the receivables settlement by the government, which may affect the issuer's debt-servicing capacity, Fitch explained.

The ratings are assessed under the agency's government-related entities rating criteria, reflecting Lianyungang municipality's ownership, the agency said.

Fitch said it also considers the strategic importance of Jiangshu NHL to the municipality.

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