Fitch rates China Overseas notes BBB+

Fitch Ratings said it assigned an expected BBB+ rating to China Overseas Land International (Cayman) Ltd.’s proposed euro-denominated senior unsecured notes.

The notes will be unconditionally and irrevocably guaranteed by China Overseas Land & Investment Ltd., which is a wholly owned by China Overseas Land International (Cayman) Ltd.

The notes are rated at the same level as the company’s senior unsecured rating because the notes constitute direct, unsubordinated and senior unsecured obligations of the company under the guarantee, Fitch said.

The ratings are supported by the company’s satisfactory contracted sales of HK$140.81 billion in 2014 and its ability to maintain a strong EBITDA margin of 31% despite the challenging market conditions, the agency said.

China Overseas has continued to maintain its leadership position, strong execution track record and consistent financial policy, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.