Fitch gives BB- to Ronshine notes

Fitch Ratings said it assigned Ronshine China Holdings Ltd.’s (BB-/stable) proposed U.S. dollar senior notes a rating of BB-.

The proposed notes are rated at the same level as Ronshine's senior unsecured rating because they are unconditionally and irrevocably guaranteed by the company. Ronshine intends to use the net proceeds to refinance existing debt, Fitch said.

“Ronshine's ratings are supported by the stable attributable sales scale and moderate leverage. Fitch believes the company can keep leverage at around 40%, supported by the quality land bank that is sufficient for development over the next three years and allows flexibility in land acquisition,” Fitch said in a news release.

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