Fitch Revises Outlook on China Properties Group to Negative

April 2, 2015 7:05 AM

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(The following statement was released by the rating agency) HONG KONG, April 02 (Fitch) Fitch Ratings has revised the Outlook on China Properties Group Limited's (CPG) ratings to Negative from Stable, and has affirmed its Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDRs) at 'B-'.

Fitch has also affirmed the company's senior unsecured rating at 'B-' with Recovery Rating at 'RR4'. The Outlook revision to Negative reflects the company's current tight liquidity position, which is mainly due to very limited cash inflow from contracted sales in past three years, a HKD2bn debt repa...

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