Fitch: Greenland notes BB+

Fitch Ratings said it assigned a final BB+ rating to Greenland Holding Group Co. Ltd.’s $450 million 3 7/8% senior notes.

The notes are issued by its 59.07%-owned subsidiary Greenland Hong Kong Holdings Ltd. under its $2 billion medium-term note program.

Greenland has granted deeds to ensure that Greenland Hong Kong has sufficient assets and liquidity to meet its debt obligations, Fitch said.

The notes are rated at the same level as Greenland’s senior unsecured rating because they constitute direct, unsubordinated and senior unsecured obligations of the company, the agency said.

The final rating is in line with the expected rating assigned July 15, Fitch said.

Greenland’s leverage rose to 66% at year-end 2015 from 62% at year-end 2014 due to weaker cash collection, the agency explained.

Fitch also said it believes Greenland’s leverage may stay in the high 50% range even after receiving payment in 2017 for the bulk of its uncollected sale process.

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