Fitch rates Country Garden notes BBB-

Fitch Ratings said it assigned a BBB- rating to Country Garden Holdings Co. Ltd.'s planned dollar-denominated senior unsecured notes.

“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 notes to refinance $650 million in offshore bonds due 2023.

The outlook is stable.

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