Trump project in Panama downgraded
The Fitch assessment provides a glimpse into the way the financial community is reevaluating even well performing developments in the wake of the credit crunch.
Friday, January 9, 2009
Fitch Ratings downgraded $220 million of debt on the Trump Ocean Club project in Panama City, warning price declines “could lead to higher than expected default rates for existing buyers.”
Fitch Downgrades Newland Int'l Prop, Corp.'S S220mm SR Secured Notes; Remains On Negative Watch
Almost 80 percent of Trump Ocean Club in Panama has already been sold – two years before the development is due for completion – announced Donald Trump Jr., vice-president of the Trump Organization.
Growth and economic stability, legal security, fiscal incentives, liberal immigration policies, the 2006-2008 real estate boom and the fact that hurricanes avoid it.
Its promoters claim that the decline in the pace of sales is not too much and that they have already sold 80% of the 1,010-unit project.
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