Fitch: Modern Land notes B+

Fitch Ratings said it assigned an expected B+ rating and recovery rating of RR4 to Modern Land (China) Co., Ltd.'s proposed dollar-denominated senior notes.

The notes are rated at the same level as Modern Land's senior unsecured rating because they constitute direct and senior unsecured obligations of the company, Fitch said.

The ratings are supported by the company’s improving land-bank quality, low leverage and strong liquidity, the agency said.

The ratings are mainly constrained by its small scale, as well as possible earnings fluctuations resulting from volatile conditions of the land market, Fitch said.

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