Fitch downgrades Trump builder in Panama

Fitch Ratings downgraded $220 million in bonds that Newland International Properties, is using to finance construction of the Trump Ocean Club in Panama.

Fitch downgraded the debt, citing “continued uncertainty over the willingness and ability” of buyers to take possession of apartment units.

So far this year, at least 20 buyers have defaulted on units, Fitch said.

Original source: Bloomberg