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Fitch affirms China Overseas Land, unit ratings

Fitch Ratings affirmed the ratings of China Overseas Land & Investment Ltd. and unit China Overseas Grand Oceans Group Ltd., with stable outlooks.

The rating agency said Sept. 12 that it affirmed China Overseas Land's long-term issuer default rating, foreign-currency senior unsecured rating at A-.

The Hong Kong-listed real estate developer's rating takes into account the support from its ultimate parent, China State Construction Engineering Corp. Ltd., for the company and its immediate parent, China Overseas Holding Ltd. The rating also reflects China Overseas Land's stable sales and land acquisition, solid financial profile and diverse funding channels, Fitch said in the Sept. 12 report.

In a separate report, Fitch affirmed China Overseas Grand's long-term issuer default rating at BBB. The agency also affirmed the unit's foreign-currency senior unsecured rating and the rating on its outstanding notes at BBB.

The affirmation shows continued linkages between China Overseas Grand and China Overseas Land in terms of strategy, operations and ownership. China Overseas Grand's standalone credit profile of "bb" is driven by its low leverage of 15% in the first half, giving it a strong financial flexibility to meet its operational development and repay debt.