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Fitch affirms Guorui Properties ratings

Fitch Ratings affirmed its long-term issuer default rating on Chinese real estate developer Guorui Properties Ltd. at B, with a stable outlook.

The rating agency also affirmed the company's foreign-currency senior unsecured rating and the ratings on its outstanding notes at B, with recovery ratings of RR4.

Fitch expects Guorui's contracted sales to climb 21% to 18 billion yuan in 2018, its leverage to fall to 50%-51% in 2018-2019 and its EBITDA margin to stay over 30%. The agency also noted the company's stable rental income.

As of July 5, US$1 is equivalent to 6.64 Chinese yuan.