Fitch affirms Evergrande

Fitch Ratings said it affirmed Evergrande Real Estate Group Ltd.'s long-term foreign-currency issuer default rating at BB and removed it from rating watch negative. Fitch also said it affirmed Evergrande's foreign-currency senior unsecured rating at BB.

The outlook is stable.

Fitch said it placed Evergrande's ratings on negative watch in April due to concerns about the company's risk appetite and expansion strategy.

Evergrande's recent sales performance, financial policies and liquidity position over the medium-term have improved, the agency said.

The stable outlook reflects Evergrande's solid contracted sales in the first half of 2010 and an expectation that the company will continue to deliver satisfying contracted sales in the second half, supported by the company's prudent discount strategy, Fitch said.

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