Fitch downgrades Reward Science

Fitch Ratings said it downgraded Reward Science and Technology Industry Group Co., Ltd.'s long-term foreign-currency issuer default rating to RD (restricted default) from B as the company failed to repay RMB 300 million of commercial paper.

The agency also downgraded the senior unsecured rating to C from B with recovery rating of RR4.

“The non-payment is consistent with an RD rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation,” Fitch said in a news release.

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