Fitch affirms Shimao

Fitch Ratings said it affirmed Shimao Property Holdings Ltd.'s long-term foreign currency issuer default rating at BB+.

The outlook is stable.

At the same time, Fitch said it affirmed Shimao's foreign currency senior unsecured rating at BB+.

"The rating affirmation reflects Shimao's improved liquidity following the issuance of $500 million of senior notes due 2017 and the company's ability to secure long-term debt financing at a reasonable cost, despite uncertainties surrounding China's residential property sector," said Ying Wang, director in Fitch's Asia-Pacific corporates team.

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