Fitch Ratings downgraded $220 million in bonds that Newland International Properties, Corp. is using to finance construction of the Trump Ocean Club in Panama.
Fitch downgraded the debt to CCsf from B-sf, citing “continued uncertainty over the willingness and ability” of buyers to take possession of apartment units, Fitch said in a report today.
So far this year, at least 20 buyers have defaulted on units, Fitch said. The Trump Ocean Club is Donald Trump’s first hotel and apartment complex to open outside the U.S.
To contact the reporter on this story: Eric Sabo in Panama City at firstname.lastname@example.org.