Fitch rates China Properties notes B-

Fitch Ratings said it assigned China Properties Group Ltd.'s proposed senior unsecured dollar-denominated notes an expected B-(EXP).

The notes are to be issued as a tap to the $150 million senior unsecured notes due 2018 issued on Oct. 9 with the same terms and conditions.

Proceeds from the proposed issue will be used for expansion and refinancing purposes.

The notes' rating is in line with China Properties' issuer default rating and foreign-currency senior unsecured rating of B- as the notes will represent direct, unconditional and unsecured obligations of the company.

Fitch said it does not expect China Properties' new bonds to have any impact on its current ratings, as its net debt/adjusted inventory is likely to remain under 20% after the issue.

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