Fitch: Future Land notes B+

Fitch Ratings said it assigned a final rating of B+ to Future Land Development Holdings Ltd.'s $200 million 10¼% notes due 2018.

The rating follows the receipt of documents conforming to information already received and the final rating is in line with the expected rating assigned Jan. 21, the agency said.

The ratings reflect the company's limited geographic diversification, cash flow subordination to its key operating subsidiary, Jiangsu Future Land Co., Ltd., Fitch said, and its resilient business model.

Future Land's business profile is commensurate with a BB- rating, but significant structural subordination to Jiangsu Future constrains the ratings at the B+ level, the agency said.

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