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Fitch affirms Redco Properties rating

Fitch Ratings affirmed Redco Properties Group Ltd.'s long-term foreign currency issuer default rating at B, with a stable outlook.

The rating agency noted that the company has kept a healthy financial profile, with its leverage at 7.4% at the end of 2016 and its EBITDA at 14.8%. In addition, Fitch Ratings believes the company is transitioning to a "fast-churn model," which will lead to faster sales with relatively lower margins.

Fitch said it will consider a positive ratings action for the company if it can increase its scale and land bank without "significantly" compromising leverage.