Fitch lifts Sunac China

Fitch Ratings said it upgraded Sunac China Holdings Ltd.’s long-term foreign-currency issuer default rating and senior unsecured rating to BB from BB-.

The outlook is stable.

The upgrade is supported by a view that Sunac’s contracted sales of ¥40 billion are sustainable, Fitch said.

The upgrade also considers the company’s low leverage and strong liquidity, quality land bank and conservative expansion plan, the agency said.

The ratings are constrained by its current low margin, as well as uncertainties about its strategy to acquire land by taking stakes in companies or projects, Fitch said.

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