Fitch Ratings: Downgrades China Vanke Co., Ltd.'s long-term foreign and local currency issuer default rating to "CCC-"

On August 28, Fitch Ratings downgraded China Vanke Co., Ltd. (referred to as "Vanke Co.")'s long-term foreign and local currency issuer default rating (IDR) from "CCC+" to "CCC-". Fitch also downgraded its subsidiary Vanke Real Estate (Hong Kong) Company Limited (referred to as "Vanke Hong Kong")'s long-term issuer default rating from "CCC" to "CCC-", as well as its senior unsecured ratings and the ratings of its outstanding senior notes from "CCC" to "CCC-" with a recovery rating of "RR4".