Fitch rates Guangzhou R&F notes BB-

Fitch Ratings said it assigned Guangzhou R&F Properties Co. Ltd.'s (BB-/stable) proposed dollar senior notes a BB- expected rating.

The agency said the proposed notes will be issued by Guangzhou R&F's subsidiary, Easy Tactic Ltd., and are rated at the same level as Guangzhou R&F's senior unsecured rating because the parent has granted a keepwell deed and a deed of equity interest purchase undertaking to ensure that the guarantor, R&F Properties (HK) Co. Ltd., also a wholly owned subsidiary of Guangzhou R&F, has sufficient assets and liquidity to meet its obligations.

Guangzhou R&F intends to use the net proceeds from the proposed issuance for debt refinancing.

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