Fitch Ratings downgraded the long-term foreign- and local-currency issuer default rating of Greenland Holding Group Co. Ltd. to BB- from BB.
The action follows the rating agency's publication of its "government-related entities rating criteria" on Feb. 7. Fitch also downgraded the China-based homebuilder's senior unsecured ratings and ratings on all of its outstanding bonds to BB- from BB. The ratings were removed from rating watch negative, where they had been since Nov. 29, 2017.
The outlook is negative, due in part to its "persistently" high leverage above 60% as it expands its land bank aggressively and has taken on more debt for its nonproperty businesses.
