Fitch affirms Yuexiu Property

Fitch Ratings said it affirmed Yuexiu Property Co. Ltd.'s long-term foreign-currency issuer default rating at BBB-.

The outlook is stable.

The agency also affirmed the company’s senior unsecured rating at BBB-.

Fitch said it assesses Yuexiu Property's standalone rating at BB to reflect its moderate leverage, strong market position in China's Guangzhou municipality, geographic diversification and improved operating cost controls, which should help stabilize the company's profitability, measured by its EBITDA margin, over the next two to three years.

The rating incorporates a two-notch uplift due to moderate linkage with its parent, Guangzhou Yuexiu Group Ltd., in line with the agency’s parent and subsidiary rating linkage criteria, Fitch said.

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