Zhuhai Huafa Group Co. , one of China’s biggest local-government owned conglomerates, was placed on rating watch negative by Fitch Ratings over heightened refinancing risks, a step that signals increased possibility of a downgrade.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-10-30/zhuhai-huafa-put-on-negative-watch-by-fitch-on-refinancing-risk)