Fitch rates Franshion, notes BBB-

Fitch Ratings said it assigned Franshion Properties (China) Ltd. a long-term foreign-currency issuer default rating of BBB- and a foreign-currency senior unsecured rating of BBB-.

The agency also said it assigned an expected rating of BBB- to Franshion's proposed senior notes.

The outlook is stable.

The proceeds will be used for working capital, refinancing of outstanding indebtedness, land bank acquisitions and other general corporate purposes, Fitch said.

Franshion's key differentiating factors from non-investment grade and non state-owned Chinese property developers include its involvement in government-led strategic projects, a favorably located asset portfolio, investment properties with above-average occupancy rates and strong access to domestic bank funding, the agency said.

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