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Fitch Downgrades China Vanke to RD

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Fitch Ratings downgraded China Vanke's (SHE:000002, HKG:2202) issuer default ratings to RD from CC following the recent completion of an onshore bond restructuring, according to a Monday news release.

The property developer restructured 2 billion yuan in bonds initially due May 12, repaying 40% of the principal and extending the maturity date of the remaining 60% by one year.

The rating agency viewed the restructuring as a distressed debt exchange. It expected further debt restructuring or missed payments in the coming weeks due to the company's restricted cash balance.

China Vanke will have 11 billion yuan in capital market debt maturing from May to December.

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