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August 05, 2020

CCXAP assigns Ronshine China Holdings Limited’s US dollar-denominated senior notes final BBg+ rating

Hong Kong, 5 August 2020 -- China Chengxin (Asia Pacific) Credit Ratings (“CCXAP”) has assigned Ronshine China Holdings Limited (“Ronshine China” or the “Company”) (BBg+/Stable) USD200 million 6.75% senior notes due 2024 a final BBg+ rating.


The notes are senior obligations of the Company, guaranteed by certain of its existing subsidiaries. The notes are at least pari passu in right of payment with the existing pari passu secured indebtedness and all other unsecured, unsubordinated indebtedness of the Company. The Company intends to use the proceeds for refinancing certain of its existing indebtedness.


CCXAP’s final rating on this debt obligation follows Ronshine China's completion of its USD bond issuance, of which the final terms and conditions are consistent with expectations. The final rating is in line with the expected rating assigned on 29 July 2020.


CCXAP’s public ratings are available at (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Global Rating Methodology for Real Estate Development Industry dated December 2019, available at (Rating Methodologies).


Click here to download the press release.