Chinese Developer R&F Downgraded to Restricted Default by Fitch
- Move follows completion of debt extension, partial buyback
- R&F is among many builders which have been extending payments
Construction cranes surround a residential tower developed by Guangzhou R&F Properties Co. in London, U.K.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Guangzhou R&F Properties Co. has been downgraded to restricted default by Fitch Ratings after the Chinese developer completed what the credit risk assessor considers a distressed debt exchange.
The tender offer and consent solicitation were necessary for the company to avoid a default, according to a Fitch report Friday afternoon.