Fitch Ratings-Hong Kong-14 March 2019: Fitch Ratings has assigned Hengda Real Estate Group Co., Ltd's (B+/Positive) USD600 million 9.0% senior notes due 2021 a final rating of 'B+', with a Recovery Rating of 'RR4'.
The notes are issued by Scenery Journey Limited and guaranteed by Tianji Holding Limited, both fully owned subsidiaries of Hengda. Hengda has granted a keepwell deed and a deed of equity interest purchase undertaking to ensure that the guarantor has sufficient assets and liquidity to meet its obligations for the senior unsecured notes. The final rating is in line with the expected rating assigned on 1 March 2019.