Fitch to rate China Overseas notes A-

Fitch Ratings said it assigned China Overseas Land & Investment Ltd.'s proposed dollar-denominated senior notes an expected A-(EXP) rating.

The proposed notes, to be issued by Overseas Finance (Cayman) VII Ltd., will be unconditionally and irrevocably guaranteed by China Overseas Land.

The agency said the proposed notes are rated at the same level as China Overseas Land’s senior unsecured rating because they constitute its direct, unsubordinated and senior unsecured obligations under the guarantee.

China Overseas intends to use net proceeds for refinancing and general corporate purposes.

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