Fitch Downgrades Newland’s Notes

Fitch Downgrades Newland’s Notes

Panama Corporate & Sovereign Strategy

Newland International Properties saw Fitch downgrade its $220m of senior secured notes to CCsf Wednesday. The agency cites delivery delays on finished units for the Trump Ocean Club hotel being developed by the borrower in Panama. This comes amid continued uncertainty over the willingness of end buyers to take possession of the units, Fitch adds. As of June 30, Newland held $12.8m in restricted cash, of which $10.5m was slated for a debt service reserve account. “The transaction’s liquidity is b

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