Fitch lowers Weifang Urban

Fitch Ratings said it downgraded its ratings on Weifang Urban Construction and Development Investment Group Co., Ltd. (Wucdi) and its dollar-denominated bonds due 2024 and 2025 to BB+ from BBB-.

“The downgrade follows Fitch's reassessment of the sponsoring Weifang municipal government. This is based on our perception that the Weifang municipality will have a slightly lowered ability to provide legitimate support to Wucdi due to deteriorating fiscal performance and increasing level of debt,” the agency said in a statement.

The outlook is stable.

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