Fitch affirms China Resources Land

Fitch Ratings said it affirmed China Resources Land Ltd.'s long-term issuer default rating at BBB+.

The outlook is stable.

The agency also affirmed the company’s foreign currency senior unsecured debt ratings at BBB+.

“The affirmation reflects CR Land's stable financial profile, which is based on a business model of maximising operating cash flow from development properties to support stable investment property (IP) portfolio expansion,” Fitch said in a news release.

“The rating is also supported by CR Land's strong market position in tier 1 and 2 cities and strong IP portfolio with healthy recurring interest coverage.”

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