Fitch maintains TMM on rating watch negative

Fitch Ratings said yesterday in a statement that it maintained TMM Real Estate Development’s long-term foreign and local currency issuer default ratings of ‘CC’ and national long-term rating of ‘B(ukr)’ on rating watch negative. The ratings were initially placed on RWN on December 2, 2008. Fitch said the confirmation continues to reflect concerns about the company’s weak liquidity and the poor conditions on the Ukrainian residential property market.