Fitch rates CIFI notes BB-

Fitch Ratings said it assigned an expected rating of BB- to CIFI Holdings (Group) Co. Ltd.’s proposed dollar-denominated senior notes.

The notes are rated at the same level as CIFI’s senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, Fitch said.

CIFI’s contracted sales grew to ¥21.21 billion in 2014 from ¥15.3 billion in 2013 despite a downturn in China’s property market, the agency said.

The company also maintained healthy sales turnover with contracted sales-to-total debt at 1.5x in 2014, Fitch added.

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