HONG KONG -- China Huarong Asset Management, the largest distressed debt manager in the country, on Tuesday repaid about $600 million of maturing bonds, a day after it suffered a credit ratings downgrade.
Fitch Ratings late on Monday downgraded Huarong by three notches to "BBB" -- just two notches above junk status -- from "A", on concerns over the strength of its government backing. Fitch said it will continue to review the company for potential further downgrades, which prompted a further sell-off in some of Huarong's offshore bonds.
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