Fitch rates Hengda notes B+

Fitch Ratings said it assigned Hengda Real Estate Group Co., Ltd.'s (B+/positive) proposed dollar senior unsecured notes a B+ expected rating with a recovery rating of RR4.

The proposed notes will be issued by Scenery Journey Ltd. and guaranteed by Tianji Holding Ltd., a 100%-owned subsidiary of Hengda.

Hengda's rating is equalized with that of its parent, China Evergrande Group (B+/positive), under the top-down rating approach taken in line with Fitch's criteria, the agency said.

“This reflects the very strong linkages between the two entities as well as Evergrande's weaker credit profile than Hengda,” the agency said in a news release.

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