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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.

Construction cranes surround a residential tower developed by Guangzhou R&F Properties Co. in London, U.K.

Photographer: Hollie Adams/Bloomberg

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.