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Fitch affirms Logan Property ratings

Fitch affirmed China-based Logan Property Holdings Co. Ltd.'s long-term foreign- and local-currency issuer default ratings at BB-. The multifamily-focused real estate developer's senior unsecured rating was also affirmed at BB-.

The outlook is stable.

The rating agency also assigned Logan's US$300 million of 6.875% senior unsecured notes due 2021 and S$200 million of 6.125% senior unsecured notes due 2021 final ratings of BB-.

According to a note, Logan's ratings are restricted by its high leverage, which rose to 48% at the end of 2017 from 37% a year earlier, driven by substantial land purchases and adjustments to investment property value. This high leverage offsets the company's improving scale and increasing margin, according to the rating agency.

Fitch said management's commitment to maintaining a less-aggressive credit profile would be a vital factor in determining any future positive ratings.

As of May 11, US$1 was equivalent to S$1.34.