Fitch rates Country Garden notes BB+

Fitch Ratings sad it assigned an expected BB+ rating to Country Garden Holdings Co. Ltd.'s proposed dollar-denominated senior notes.

The notes are rated at the same level as Country Garden's senior unsecured rating because they constitute direct and senior unsecured obligations of the company, Fitch said.

The ratings are supported by cash inflow from annual contracted sales of more than ¥100 billion strong financial flexibility with low interest cost and a track record of strong execution, the agency said.

Moving into the higher-tier cities is a positive development for the company’s progression toward becoming a nationwide homebuilder, Fitch said.

But this process may take another one to two years to reach fruition if the company continues on its current trajectory, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.