Fitch rates Modern Land notes B

Fitch Ratings said it assigned China-based property developer Modern Land (China) Co., Ltd. a long-term issuer default rating of B with stable outlook, a senior unsecured rating of B and recovery rating of RR4.

The agency also assigned Modern Land's proposed dollar-denominated senior unsecured notes an expected B (EXP) rating and a RR4 recovery rating.

The notes are rated at the same level as Modern Land's senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

Fitch said Modern Land's limited scale in terms of land bank, contracted sales as well as geographical coverage leaves the company susceptible to greater volatility in earnings.

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