Fitch rates Evergrande notes BB+

Fitch Ratings said it assigned a long-term foreign currency issuer default rating of BB+ to the Evergrande Real Estate Group Ltd. with a stable outlook.

Simultaneously, Fitch said it has assigned an expected rating of BB+ to the proposed senior unsecured notes to be issued by Evergrande.

Net proceeds from the issue are expected to be used to refinance existing indebtedness of Evergrande, acquire new land bank and fund general corporate expenditures, Fitch added, stating that Evergrande's issuer default rating is constrained by its focus on China's residential property development sector, a sector that is highly cyclical across the world.

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