Fitch Chops Trump Bonds

Fitch Chops Trump Bonds

Fitch has downgraded the rating of Newland International Properties’ $220m senior secured notes to B+ from BB. Newland is developing the Trump Ocean Club International Hotel & Tower in Panama City. The downgrade, says Fitch, is a result of the deterioration in global real estate markets and an increase in liquidity risks associated with the timely payment of the notes principal and interest. “Although the long-term solvency of the project appears strong (as evidenced by sales equaling approximat

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