Fitch rates Country Garden notes BB+

Fitch Ratings said it assigned Country Garden Holdings Co. Ltd.'s (BB+/stable) proposed dollar-denominated senior notes a BB+(EXP) expected rating.

The notes are rated at the same level as Country Garden's senior unsecured rating because they constitute its direct and senior unsecured obligations.

Fitch said the ratings are supported by Country Garden's strong contracted sales growth, high financial flexibility with low interest costs and a record of strong execution.

The ratings are constrained by its opportunistic growth strategy, which increases financial performance volatility and a negative trend in its cash flow from operations (CFO).

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