Fitch lifts Times Property view to positive

Fitch Ratings said it revised the outlook on Times Property Holdings Ltd. to positive from stable.

The long-term foreign-currency issuer default rating was affirmed at B+.

Fitch also said it affirmed the ratings on the company’s $280 million 11.45% senior unsecured notes due 2020, $305 million 12 5/8% senior unsecured notes due 2019 and ¥1.5 billion 10 3/8% senior unsecured notes due 2017 at B+ with recovery rating at RR4.

The outlook revision reflects the significant increase in Times Property's scale while maintaining a consistent financial profile, the agency said.

The ratings are supported by its good execution track record, but constrained by the need to consistently replenish its land bank with quality sites, which results in fluctuation in leverage, Fitch said.

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