Fitch gives Logan Property IDR, notes BB-

Fitch Ratings said it assigned Logan Property Holdings Co. Ltd. a long-term local-currency issuer default rating of BB- with a stable outlook.

The agency also assigned an expected rating of BB-(EXP) to Logan's proposed notes denominated in offshore yuan.

Logan plans to use the note proceeds to refinance existing onshore borrowings.

Fitch said Logan's ratings reflect its established business position with contracted sales of RMB 13.2 billion in 2013 (1H14: RMB 5.54 billion), and strong execution ability in large-scale mass-market residential developments in key cities where it operates.

About 66% of Logan's existing land bank is located in Huizhou, Nanning and Shantou, where Logan has been ranked among the top five developers by sales value in the past three years. Logan will continue to use its strong track record in these locations to expand over the medium term, the agency said.

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