HONG KONG, 11 October 2019. Pengyuan International has confirmed its final rating for Ronshine China Holdings Limited (Ronshine)’s USD265 million 8.75% Notes due 2022, to be ‘BB’. The notes we rate are the additional notes which will be consolidated and form a single series with the USD200 million senior notes issued on April 25, 2019 and the USD235 million senior notes issued on June 13, 2019.


The issuance credit rating is equalised to the Company’s issuer credit rating. The notes are senior obligations of the Company, guaranteed by certain of its existing subsidiaries, and rank at least pari passu in right of payment with all other unsecured, unsubordinated indebtedness of the Company. The Company intends to use the proceeds to refinance certain of its existing indebtedness. The confirmation of the final rating follows the receipt of final offering documents conforming to information already received and is in line with the expected rating assigned on 9 October 2019.


Ronshine is a Chinese property developer that primarily engaged in the development of mid to high-end residential properties. In 2018, property development contributed 97% of total revenue and the construction services, rental income and others contributed the rest.

 

ANALYSTS CONTACTMEDIA CONTACTOTHER ENQUIRIES

Primary Analyst

Winnie Guo

+852 3615 8344

winnie.guo@pyrating.com

 

Secondary Analyst

Simon Lee

+852 3615 8307

simon.lee@pyrating.com

 

Committee Chair

Tony Tang

+852 3615 8278

tony.tang@pyrating.com

media@pyrating.comcontact@pyrating.com


Date of Relevant Rating Committee: 24 September 2019

Additional information is available on www.pyrating.com

 

Related Criteria

General Corporate Rating Criteria (15 March 2019)

Industry Credit Guidelines Chinese Homebuilders and Property Developers (31 August 2019)

Corporate Financial Adjustments and Ratio Definitions (7 May 2019)



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