Ratings agency Fitch has downgraded its outlook on Lendlease’s debt, flagging its concerns over the pace at which the ASX-listed property developer is divesting around $4.5 billion in assets as part of a turnaround plan.
Fitch has revised its outlook from “stable” to “negative” on Lendlease’s corporate debt, while holding steady the rating level it has assigned to that debt at negative BBB, the lowest rung of investment-grade credit above junk bonds.
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