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Fitch rates Poly Real Estate notes BBB+
Fitch Ratings said it assigned Poly Real Estate Group Co. Ltd.’s (BBB+/stable) proposed dollar-denominated senior unsecured notes an expected rating of BBB+.
The proposed notes will be issued by subsidiary Poly Real Estate Finance Ltd. and be unconditionally and irrevocably guaranteed by Poly Real Estate Finance's parent, Hengli (Hong Kong) Real Estate Ltd., a wholly owned subsidiary of Poly Real Estate Group.
The proposed notes are rated at the same level as Poly's senior unsecured rating, as Poly has granted a keepwell deed and a deed of equity interest purchase undertaking to ensure the issuer and guarantor have sufficient assets to meet their respective obligations for the senior notes, Fitch said.
Poly intends to use net proceeds to refinance its debt.
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