Chinese Region's Fake Data in Focus After Local Borrower Downgrade
- Fitch cuts Inner Mongolia High-Grade Highway to BBB- from BBB
- Creditworthiness assessment of Inner Mongolia was also cut
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A local state-owned company in China’s Inner Mongolia, a region that recently admitted having inflated key economic data, has suffered a credit rating downgrade.
Fitch Ratings cut Inner Mongolia High-Grade Highway Construction and Development Co.’s long-term foreign- and local-currency issuer default rating to BBB- from BBB, citing the local government’s revision of its fiscal figures, according to a statement late Thursday. That follows its downgrade of an internal assessment of the creditworthiness of the Inner Mongolia region, the statement said.