Fitch rates Zhenro notes B+

Fitch Ratings said it assigned Zhenro Properties Group Ltd.’s proposed dollar-denominated senior notes an expected B+ rating with a recovery rating of RR4.

The notes are rated the same as Zhenro’s other senior debt because they will be direct and unsecured obligations.

Proceeds will be primarily used to refinance debt.

“Zhenro has been repaying its debt through equity issuance and internally generated cash flow, which Fitch believes has reduced its leverage – as defined by net debt/adjusted inventory, including proportional consolidation of joint ventures and associates – to around 51%, from 55% at end-June 2019,” the agency said in a press release.

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