Fitch assigns Sino-Ocean’s notes BBB-

Fitch Ratings said it assigned Sino-Ocean Group Holding Ltd.’s proposed dollar-denominated notes a rating of BBB-. The notes will be issued by Sino-Ocean Land Treasure IV Ltd., a wholly owned subsidiary of Sino-Ocean Group. The proposed notes are rated at the same level as Sino-Ocean Group’s senior unsecured rating as they will be guaranteed by the company.

Sino-Ocean Group’s standalone credit profile of bb+ is supported by its strong business profile, as evident in its sufficient and well-diversified land bank and quality investment properties. Fitch estimates Sino-Ocean Group’s leverage will fall below 40% in 2019 after the company slowed land acquisitions during the year.

The ratings incorporate a one-notch uplift from the company’s SCP due to its moderate strategic and operational linkages with China Life Insurance Co. Ltd.

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