Fitch gives Country Garden notes BBB-

Fitch Ratings said it assigned Country Garden Holdings Co. Ltd.’s (BBB-/stable) proposed dollar-denominated senior notes a BBB- 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, the agency said.

The ratings on Country Garden are supported by its strong business profile and stable financial profile, Fitch said.

The company secured sufficient and well-diversified land across China to take advantage of the business upcycle during 2017 in lower-tier cities and avoided the 2015-2016 downturn from its rising exposure to higher-tier cities, the agency added.

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