Fitch gives Sunac notes BB-

Fitch Ratings said it has assigned Sunac China Holdings Ltd.'s (BB-/positive) $400 million of 8¾% senior unsecured notes due 2019 a final rating of BB-.

The notes are rated in line with Sunac's senior unsecured rating.

The agency said the key rating drivers include that it estimates the company to have achieved around 16 billion yuan of contracted sales on an attributable basis in 1H14. While the year-on-year growth is limited, it reflects the sustainability of the company's business scale in the difficult conditions in China's homebuilding sector.

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