Fitch rates Guangzhou R&F notes BB-

Fitch Ratings said it assigned an expected BB- rating to Guangzhou R&F Properties Co. Ltd.'s proposed dollar-denominated senior notes.

The notes are rated at the same level as Guangzhou R&F's senior unsecured rating because they constitute its direct and senior unsecured obligations, Fitch said.

The proposed notes will be issued by Guangzhou R&F's subsidiary, Easy Tactic Ltd., the agency said.

The proceeds will be used for debt refinancing and general corporate purposes, Fitch said.

Guangzhou R&F's ratings are constrained by its high leverage, the agency said.

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