Fitch rates Country Garden notes BBB-

Fitch Ratings said it assigned a BBB- rating to Country Garden Holdings Co. Ltd.’s two proposed dollar-denominated senior notes with 5.5- and 10-year maturities.

“The proposed notes are rated at the same level as Country Garden’s senior unsecured rating because they will constitute its direct and senior unsecured obligations,” Fitch said in a press release.

Country Garden plans to use the proceeds to refinance its dollar-denominated 7 1/8% senior notes due April 2022.

The outlook is stable.

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