China’s Huafa abandons domestic AAA rating amid Fitch downgrade, bond market jitters

Zhuhai Huafa Group, a heavily indebted state-owned enterprise whose recent troubles rattled China’s bond market, has voluntarily ended its engagement with a major domestic credit assessor, leading to the withdrawal of its AAA rating after an international ratings agency downgraded the firm. Huafa – the largest enterprise owned by the government of Zhuhai, a city in southern China’s Guangdong provi