Fitch assigns Guorui notes B-

Fitch Ratings said it assigned Guorui Properties Ltd.’s proposed dollar-denominated senior notes an expected B- expected rating and an RR4 recovery rating on RWN. Fitch placed Guorui’s ratings on RWN last January to reflect the uncertainty over refinancing arrangements for the China-based homebuilder’s puttable notes.

“The proposed notes to be issued by Guorui are rated at the same level as the company’s senior unsecured rating because they represent direct and senior unsecured obligations of the company. The final rating on the proposed notes is subject to adequate acceptance of an exchange offer for the company’s $455 million puttable notes and receipt of final documentation conforming to information already received,” Fitch said in a press release.

Fitch said it doesn’t consider the company’s exchange offer distressed.

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