Fitch rates Guangzhou R&F notes B+

Fitch Ratings said it gave Guangzhou R&F Properties Co. Ltd.’s planned dollar-denominated senior notes a B+ rating with a recovery rating of RR4.

Subsidiary Easy Tactic Ltd. will issue the notes.

The notes’ rating aligns with the rating of Guangzhou R&F’s subsidiary R&F Properties (HK) Co. Ltd., which guarantees them. Guangzhou R&F provides a keepwell deed and deed of equity interest purchase and investment undertaking to the notes.

Guangzhou R&F intends to use the proceeds to refinance medium-to-long-term debt that will be due within one year.

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