Fitch affirms Evergrande

Fitch Ratings said it affirmed Evergrande Real Estate Group Ltd.'s long-term foreign-currency issuer default rating at BB.

The outlook is stable.

The ratings reflect Evergrande's limited track record on sustainable growth as the company has just completed its rapid expansion for the past three years, the agency said.

The ratings also reflect Evergrande's position as one of China's largest property developers with geographical diversification and its rapid expansion, the agency noted.

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