Fitch affirms China Overseas Grand

Fitch Ratings said it affirmed China Overseas Grand Oceans Group Ltd.'s long-term issuer default rating at BBB with a stable outlook.

The agency also affirmed the company’s foreign currency senior unsecured rating and the rating on its outstanding notes at BBB.

Fitch said that China Overseas Grand is rated using a top-down approach, and rated one notch below the BBB+ standalone rating of its parent, China Overseas Land & Investment Ltd.

“COGO is of long-term strategic importance to COLI as it is the only entity the group uses to expand in tier 3 and 4 cities,” the agency said in a news release.

“The two companies are integrated, sharing senior and operational management as well as brand names, market intelligence and management systems.”

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