China Bad-Debt Managers Cut by Fitch on Weaker State Support
- The four firms are hampered by capital constraints: Fitch
- Bad loans rose to a record $447 billion at end-September
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Four Chinese bad-debt managers were downgraded by Fitch Ratings Inc. on concern over their financial situation and expectations of reduced government support.
The issuer default ratings of China Cinda Asset Management Co. and China Orient Asset Management Co. were lowered to A- from A, Fitch said in a release Thursday. China Huarong Asset Management Co. and China Great Wall Asset Management Co. were cut to BBB from BBB+, it said.