Fitch rates Sunac notes BB-

Fitch Ratings said it assigned an expected BB- rating to Sunac China Holdings Ltd.'s proposed dollar-denominated senior unsecured notes.

The proceeds will be used to refinance existing trust loans.

The bonds are rated at the same level as Sunac's senior unsecured of BB- as they will constitute direct, unconditional and unsecured obligations of the company, Fitch said.

The ratings reflect the company's strong growth with 86% year-on-year growth in contracted sales to ¥35.6 billion in 2012 despite a difficult year for its many peers in the industry, the agency said.

The company is likely to extend its outperformance in 2013, reflecting strong branding and execution in its core markets, Fitch said.

The ratings also consider that regulatory risks remain high compared with its mass-market peers, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.