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Fitch Affirms Intime at 'BB'; Withdraw Ratings
September 4, 2014 / 7:47 AM / 3 years ago

Fitch Affirms Intime at 'BB'; Withdraw Ratings

(The following statement was released by the rating agency) HONG KONG, September 04 (Fitch) Fitch Ratings has affirmed China-based department store operator Intime Retail (Group) Company Limited's (Intime) Long-Term Foreign and Local Currency Issuer Default Rating (IDRs) and senior unsecured rating at 'BB'. The Outlook for the IDRs are Negative. Fitch has simultaneously withdrawn the ratings as Intime has chosen to stop participating in the rating process. Accordingly, Fitch will no longer provide ratings or analytical coverage of Intime. Intime's negative outlook reflects the company's weaker credit metrics following a period of high capex. Intime's deleveraging would only materialise when capex tapers from 2015 onwards. The current weak operating environment has also increased the uncertainty for Intime's store performance, which may also potentially delay the timing of the company's deleveraging. Contact: Primary Analyst Michelle Leong Associate Director +852 2263 9929 Fitch (Hong Kong) Limited 28th Floor, Two Lippo Centre 89 Queensway, Hong Kong Secondary Analyst Vicki Shen Associate Director +852 2263 9918 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable criteria, "Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage", dated 28 May 2014 are available at www.fitchratings.com Related Research: "2014 Outlook: Chinese Department Stores", dated 9 December 2013 Applicable Criteria and Related Research: Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage here 2014 Outlook: Chinese Department Stores here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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