Fitch trims Chongqing Nan'an Urban

Fitch Ratings said it downgraded Chongqing Nan'an Urban Construction & Development (Group) Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to BBB from BBB+. Concurrently, Fitch has downgraded CQNA's senior unsecured notes to BBB' from BBB+.

“The downgrade mirrors a revision of Fitch's internal assessment on Chongqing municipality, reflecting its slowing economic growth and rising pressure on its budgetary performance. Nevertheless, Fitch believes the linkage between CQNA and the municipality remains intact as the company is still a key functional government-related entity (GRE) in Chongqing that focuses on the Nan'an district, one of the city's nine core districts, and one of three included in the city's 'Two Rivers and Four Banks' core district development plan,” the agency said in a press release.

The outlook is stable.

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