Trump project in Panama downgraded

©image: Trump Ocean Club

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.”
To date, prices in the Trump project, where low-end units typically cost around $500,000 (€370,000), have remained “stable,” Fitch notes in its report on Newland International Properties, the developer. However, between August and October of 2008 the project “experienced a significant decrease in project absorption rates.”

Source: International Herald Tribune

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