Fitch Ratings has affirmed China-based carrier-neutral data center operator VNET Group Inc’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B+.’
The Outlook is Negative, reflecting Fitch’s expectation that VNET’s 2021–2022 funds flow from operations (FFO) leverage will worsen to above 6.0x (2020: 4.2x), the threshold above which we lead to negative rating action.
