Fitch: Yuzhou Properties unaffected by add-on

Fitch Ratings said Yuzhou Properties Co. Ltd.'s (BB-/stable) proposed additional issuance of its $200 million 7.9% senior notes due 2021 will not affect the BB- rating on the bond.

The proposed tap issuance will carry the same terms and conditions as the existing notes.

The bonds are rated at the same level as Yuzhou's senior unsecured rating of BB- because they constitute direct and senior unsecured obligations of the company, Fitch said.

Yuzhou's ratings are supported by its strong contracted sales growth, regional diversification and favourable margin compared with its peers, the agency added.

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