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Fitch withdraws Wuzhou International's ratings

Fitch withdrew its CCC long-term foreign currency issuer default rating on Wuzhou International Holdings Ltd. without any ratings action, noting that the Chinese developer no longer wishes to partake in the rating process.

The rating agency also withdrew the CCC senior unsecured rating and the CCC rating with a recovery rating of RR4 on its outstanding US$300 million 13.75% senior notes due in September.

Fitch highlighted that Wuzhou's cash position, which dropped to 1.6 billion yuan as at 2017-end from 3.7 billion yuan a year earlier, is insufficient to cover the 7.8 billion yuan in short-term debt as at Dec. 31, 2017.

As of May 16, US$1 was equivalent to 6.37 yuan.