Fitch: Upgrades Vanke Co., Ltd. (02202.HK) Long-Term Foreign-Currency Issuer Rating to "CC"

On July 31, Fitch upgraded China Vanke Co., Ltd. (referred to as "Vanke," 02202.HK) long-term foreign currency and local currency issuer default rating (IDR) from "RD" to "CC" to reflect its post-restructuring credit status. Vanke has completed a series of bond restructurings, which Fitch considers as a distressed debt exchange (DDE) in accordance with its Corporate Rating Criteria.