E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 2/11/2019 in the Prospect News Emerging Markets Daily.

Fitch rates China Aoyuan notes BB-

Fitch Ratings said it assigned an expected BB- rating to China Aoyuan Group Ltd.'s proposed dollar-denominated notes.

The notes are rated at the same level as China Aoyuan's senior unsecured rating because they will constitute its direct and senior unsecured obligations, Fitch said.

The proceeds will be used to refinance offshore debt and for general working capital, the agency said.

Fitch said it believes China Aoyuan can sustain rising sales, albeit at a slower pace, due to its fast-churn strategy and strong execution, supported by adequate sellable resources and increasing geographic diversification.

This is despite uncertainty over housing demand in China's lower-tier cities, the agency added.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.