Fitch rates Country Garden notes BBB-

Fitch Ratings said it assigned an expected BBB- 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 its direct and senior unsecured obligations, Fitch said.

The ratings are supported by the company's strong business profile and healthy financial profile, Fitch said.

The company has a well-diversified land bank that allows it to achieve consistent growth in contracted sales despite its higher exposure to lower tier cities, the agency said.

The ratings are constrained by the company's more volatile financial profile because of opportunistic land investment, Fitch said.

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