Fitch rates China Resources Land notes BBB+

Fitch Ratings said it has assigned China Resources Land Ltd.'s (BBB+/stable) $400 million of 4.375% notes due 2019 and $700 million of 6% notes due 2024 expected ratings of BBB+(exp).

The notes will be issued under the company's $2 billion medium-term note program.

According to Fitch, the notes are rated at the same level as the company's senior unsecured rating because they constitute direct, unsubordinated and senior unsecured obligations of the company.

China Resources Land's ratings are supported by its business model of maximizing operating cash flow from its development properties to support the expansion of its investment property portfolio, the agency stated.

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