Fitch affirms Golden Wheel Tiandi

Fitch Ratings said it affirmed Golden Wheel Tiandi Holdings Co. Ltd.’s long-term foreign and local currency issuer default ratings at B.

The outlook is stable.

The agency also affirmed the company’s senior unsecured rating at B with a recovery rating of RR4.

“The rating affirmation is premised on GWTH's good quality metro-linked property-development portfolio compared with its B rated peers and healthy margins,” Fitch said in a news release.

“The ratings, however, are constrained by GWTH's small sales scale and higher leverage from recent land acquisitions.”

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