Fitch rates Guangzhou R&F notes B+

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

Easy Tactic Ltd., a wholly owned subsidiary of R&F Properties (HK) Co. Ltd., which is, in turn, a subsidiary of Guangzhou R&F, will sell the notes.

“The proposed notes’ rating aligns with the rating of RFHK, which provides the notes with an unconditional and irrevocable guarantee. Meanwhile, Guangzhou R&F provides credit support to the notes via a keepwell deed and deed of equity interest purchase and investment undertaking,” Fitch said in a press release.

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

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