OREANDA-NEWS. Fitch Ratings has affirmed homebuilder Sino-Ocean Group Holding Limited's (Sino-Ocean Group) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook. Fitch has also affirmed Sino-Ocean Group's foreign-currency senior unsecured rating, and the ratings on all the outstanding US dollar bonds it guarantees at 'BBB-'. The full list of rating actions can be found at the end of this commentary.

The affirmation reflects strong support from China Life Insurance Company Limited (China Life; A+/Stable), which provides a two-notch uplift from Sino-Ocean Group's standalone 'BB' credit profile. Sino-Ocean Land's standalone credit profile is supported by its strong focus on and leading position in targeted Tier 1 and 2 cities, increasing rental income, prudent land acquisitions, and its diversified funding channels.

Support from China Life: China Life has positioned Sino-Ocean Group as its sole strategic real-estate investment platform in China. It holds 29.99% of Sino-Ocean Group and is committed to owning no less than 25% in the future. China Life's linkage with the property developer is strong and provides support for Sino-Ocean Group's rating level. China Life purchased 15% of Sino-Ocean Group's 10-year domestic corporate bonds in August and October 2015.