Fitch rates KWG Property notes BB-

Fitch Ratings said it assigned an expected BB- rating to KWG Property Holding Ltd.'s proposed dollar-denominated senior notes.

The notes are rated at the same level as KWG's senior unsecured rating because they constitute its direct and senior unsecured obligations.

The ratings are supported by the company's established homebuilding operations in Guangzhou, strong brand recognition in higher-tier cities across China, consistently high margin, strong liquidity and healthy maturity profile, Fitch said.

The ratings are constrained by the small scale of its development and investment property business, the agency said, as well as its higher leverage after land purchases in 2016.

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