Fitch rates China Overseas Land notes BBB+

Fitch Ratings said it assigned a final BBB+ rating to China Overseas Land International (Cayman) Ltd.’s €600 million 1¾% senior unsecured notes.

The notes are unconditionally and irrevocably guaranteed by China Overseas Land & Investment Ltd., Fitch said. China Overseas Land International (Cayman) is a direct wholly owned subsidiary of China Overseas, the agency said.

The notes are rated at the same level as China Overseas Land’s senior unsecured rating because they 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 challenging market conditions, the agency said.

The company has continued to maintain its leadership position, strong execution track record and consistent financial policy, Fitch said.

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