 Fitch Ratings has affirmed China-based carrier-neutral data center operator VNET Group Incs NASDAQ: VNET Long-Term Foreign- and Local-Currency Issuer Default Ratings IDRs at B. The Outlook is Negative, reflecting Fitchs expectation that VNETs 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. 