Fitch: Evergrande notes BB-

Fitch Ratings said it assigned an expected BB- rating to Evergrande Real Estate Group Ltd.’s proposed dollar-denominated senior notes.

The notes are rated at the same level as Evergrande’s senior unsecured rating because they constitute direct and senior unsecured obligations of the company, the agency said.

The ratings are constrained by the company’s high leverage, Fitch said.

The agency said it expects Evergrande’s leverage will not decrease further over the next 12 months.

The ratings also reflect Evergrande’s strengthened business profile following its expansion into tier 1 and tier 2 cities, Fitch added.

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