Fitch assigns Sinic B+

Fitch Ratings said it assigned Sinic Holdings (Group) Co. Ltd. a long-term foreign-currency issuer default rating of B+. Fitch also assigned Sinic a senior unsecured rating of B+ with a recovery rating of RR4.

“Sinic’s rating is supported by its diverse land bank, healthy contracted sales growth, fast sales churn and good margin. Sinic’s leverage – defined by net debt (including guarantees to joint ventures (JV) and associates)/adjusted inventory – of 57% in 2019 is high for a B+ rating, which makes it a rating constraint. This is mitigated by its quality land bank that is sufficient for development over the next three-to-four years,” Fitch said in a press release.

The outlook is stable.

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