trending Market Intelligence /marketintelligence/en/news-insights/trending/MkEDMS3Qn2CR5MTOI3sd2g2 content esgSubNav
In This List

Fitch affirms Guangzhou R&F Properties' BB- ratings

Blog

Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Fitch affirms Guangzhou R&F Properties' BB- ratings

Fitch Ratings affirmed Guangzhou R&F Properties Co. Ltd.'s BB- long-term foreign- and local-currency issuer default ratings, with a stable outlook.

Fitch noted that the Chinese property developer's ratings are restrained by its 55% leverage as of end-June. Following a reduction in the company's land acquisitions for the second half of 2019, the rating agency expects a drop in the company's leverage to 56.5% by year-end.

Meanwhile, because of a slowdown in Guangzhou R&F's expansion, Fitch also predicts that the company's leverage will remain below 55% from 2020 to 2022. The rating agency added that moderately long land-bank life allows it to maintain a high development properties EBITDA margin of above 30%.