Fitch rates Guangzhou R&F notes BB-

Fitch Ratings said it assigned Guangzhou R&F Properties Co. Ltd.'s (BB-/negative) proposed dollar-denominated senior notes a BB- expected rating.

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, the agency said.

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

Guangzhou R&F has granted a keepwell deed and a deed of equity interest purchase undertaking to ensure that the guarantor, R&F Properties (HK) Co. Ltd., also a wholly owned subsidiary of Guangzhou R&F, has sufficient assets and liquidity to meet its obligations.

Guangzhou R&F intends to use the net proceeds from the issue for debt refinancing and general corporate purposes.

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