Fitch rates Shimao Group notes BBB-

Fitch Ratings said it assigned Shimao Group Holdings Ltd.’s proposed dollar-denominated notes a rating of BBB-.

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

“Shimao’s issuer default rating reflects its successful contracted sales expansion, superior margin due to controlled land costs and the homebuilder’s high quality and well-located land bank. Shimao has also managed to deleverage gradually and will maintain its leverage close to the current level. In addition, the ratings are supported by the Shimao’s strong execution record and leadership in key regions,” Fitch said in a press release.

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