Fitch rates Times Property notes B+

Fitch Ratings said it assigned Times Property Holdings Ltd.’s (B+/positive) proposed dollar-denominated senior notes a B+(EXP) expected rating and recovery rating of RR4.

The notes are rated at the same level as Times Property's senior unsecured rating because they constitute direct and senior unsecured obligations of the company.

Fitch revised the outlook on Times Property to positive from stable on Jan. 11, and it said it may take further positive action if the company can maintain leverage below 45% and keep its landbank sufficient for three years of development.

Times Property’s ratings are supported by its execution track record but constrained by the need to consistently replenish its land bank with quality sites, which results in a fluctuation in leverage, the agency explained.

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