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Fitch rates Guangzhou R&F notes BB-
Fitch Ratings said it assigned an expected BB- rating to Guangzhou R&F Properties Co. Ltd.'s proposed dollar-denominated senior notes.
The proposed notes will be issued by Guangzhou R&F's subsidiary, Easy Tactic Ltd., and are rated at the same level as Guangzhou R&F's senior unsecured rating because the parent has granted a keepwell and equity interest deeds, Fitch said.
The proceeds will be used for debt refinancing.
The ratings are constrained by the company's high leverage measured by net debt-to-adjusted inventory of about 60% at year-end June 2018, Fitch said.
The company's high leverage stems from aggressive land acquisitions in 2017 when it replenished 18 million square miles in its land bank for ¥58 billion, the agency said.
The negative outlook reflects limited headroom for leverage, which is around the threshold where Fitch would consider downgrading Guangzhou R&F's ratings, Fitch said.
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