Fitch rates Sino-Ocean notes BBB-

Fitch Ratings said it assigned Sino-Ocean Group Holding Ltd.'s proposed dollar-denominated floating-rate guaranteed notes an expected rating of BBB-.

The notes will be issued by Sino-Ocean Land Treasure IV Ltd., a wholly owned subsidiary of Sino-Ocean Group.

The notes are rated at the same level as Sino-Ocean Group's senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, Fitch said.

Sino-Ocean Group's standalone rating of BB+ reflects its healthy financial profile, with leverage, as defined by net debt/adjusted inventory, of below 40% in 2016 and 2017, Fitch said.

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