Fitch: Sunac China notes BB-

Fitch Ratings said it assigned Sunac China Holdings Ltd. a long-term foreign-currency issuer default rating of BB-, along with a senior unsecured rating of BB- and an expected rating of BB- on its proposed dollar-denominated senior unsecured notes issue.

The outlook is stable.

The ratings are constrained by its limited geographical diversification and relatively small scale, Fitch said.

Its focus on high quality mid- and high-end properties implies that it is more exposed to the home purchase restrictions recently imposed by the government, though Fitch noted that this niche position is the main driver of its high profitability, a key rating driver.

The high quality of the company's land bank, strong market position in Tianjin and low debt levels also are supportive of its ratings, the agency said.

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