Fitch rates China Aoyuan notes BB-

Fitch Ratings said it assigned China Aoyuan Property Group Ltd.'s (BB-/positive) proposed U.S. dollar and Singapore dollar senior notes an expected BB- rating.

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

Aoyuan intends to use the net proceeds from the proposed notes to refinance its existing offshore debt.

Fitch said the company’s ratings reflect that Aoyuan's sales scale is comparable with BB- category peers, such as Yuzhou Properties Co. Ltd. (BB-/stable) and Times China Holdings Ltd. (BB-/stable).

“Aoyuan maintains stronger sales momentum than peers, as evident from its stronger 1H18 sales and higher completion rate of its full-year sales target, which is also the highest among peers,” the agency said in a news release.

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