$GUANGZHOU RF PROP (GZUHY.US)$ S&P Global Ratings stated tha...

$GUANGZHOU RF PROP(GZUHY.US)$ S&P Global Ratings stated that it has downgraded the long-term subject credit rating of Chinese real estate company R&F Properties and its subsidiary R&F Hong Kong from "B-" to "CC"; and said that it regards the company's recent plans to repurchase and agree to solicit It is a discount reorganization, or after the completion of the transaction, it is assessed as equivalent to a default. Standard & Poor’s Ratings has a negative rating outlook for R&F Properties, believing that the company’s undue debt is very likely to default; if the proposed restructuring is not carried out, R&F Properties may not be able to repay its senior US dollar bills when they expire in January next year.

Article excerpted from the US Stock Research Agency