Fitch rates Landsea Green notes B

Fitch Ratings said it assigned an expected B rating to Landsea Green Group Co., Ltd.'s proposed dollar-denominated senior notes with a recovery rating of RR4.

The proposed notes are rated at the same level as Landsea's senior unsecured rating because they constitute its direct and senior unsecured obligations, Fitch said.

The proceeds will be used for financing property development projects, repayment of indebtedness, working capital and general corporate purposes, the agency said.

Fitch said it expects the company's leverage to fall to lower than 50% in 2018 when the majority of its U.S. projects will be delivered.

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