Fitch rates Logan notes BB

Fitch Ratings said it gave Logan Group Co. Ltd.’s proposed dollar-denominated senior notes a BB rating.

“The proposed notes are rated at the same level as Logan’s senior unsecured rating, as they represent its direct, unconditional, unsecured and unsubordinated obligations,” Fitch said in a press release.

Logan plans to use the proceeds for refinancing purposes.

Fitch said it forecasts Logan’s leverage to be around 35%-40% in the next 12-18 months, and stay at this level because it has sufficient land bank to support growth.

“Logan has shown financial discipline during its business expansion – evident in the decline in leverage – and maintained high profitability with the EBITDA margin at above 30%,” the agency said.

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