Fitch drops Taylor Wimpey

Fitch Ratings said it downgraded Taylor Wimpey's long-term issuer default and senior unsecured ratings to BB from BB+ and affirmed its short-term issuer default rating at B.

The long-term issuer default rating and senior unsecured ratings remain on rating watch negative, the agency said.

Fitch noted that the downgrade reflects increased concerns about the company's financial flexibility following the announcement that it is encountering difficulties in raising an appropriate level of new equity.

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