Future Land’s Proposed Privatisation Neutral to Ratings
(The following statement was released by the rating agency) HONG KONG/SHANGHAI, July 20 (Fitch) Fitch moncler outlet store Ratings says Future Land Development Holdings Limited’s (FLDH, BB /Positive) proposed privatisation by its chairman and controlling shareholder, and the proposed withdrawal of its listing on the Stock Exchange of Hong Kong are neutral to its ratings. FLDH will be wholly owned by site link https://www.cheapmoncler.com cheap moncler its chairman and controlling shareholder, Mr Wang Zhenhua, after moncler outlet woodbury the completion of the privatisation. The China based property company will maintain the same level of moncler sale outlet disclosure of its periodic operational and financial information to Fitch after the privatisation. In assessing FLDH’s rating, Fitch has also considered the structural subordination that FLDH faces, which it has adequately addressed through a claim on a shareholder loan to subsidiary Future Land Holdings Company Limited cheap moncler jackets (FLH). FLDH owns 68.27% of FLH (before potential dilution from FLH’s restricted share scheme). Furthermore, the annual dividends that FLH pays to FLDH are also sufficient to cover the interest expense on FLDH’s offshore debt. Upon the completion of the proposed privatisation, FLDH may have the option to redeem existing US dollar notes due 2017 and 2020, which would leave moncler outlet online the company with no offshore debt. Fitch uk moncler outlet will continue to monitor how FLDH manages its structural subordination in assessing its ratings. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS moncler womens jackets LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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