Fitch rates Times Property notes B+

Fitch Ratings said it assigned a B+ rating to Times Property Holdings Ltd.'s proposed dollar-denominated senior notes with a 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 said.

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

The agency said it believes that Times Property's strong cash collection from larger sales will continue to support expansion in the next three years.

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