S&P drops Agile, notes

Standard & Poor's said it lowered its long-term corporate credit rating on Agile Property Holdings Ltd. to BB- from BB.

The agency also lowered its long-term Greater China regional scale rating on the company to cnBB+ from cnBBB-.

At the same time, S&P lowered its issue rating on the company's outstanding senior unsecured notes to B+ from BB- and the Greater China regional scale rating to cnBB from cnBB+.

All ratings remain on CreditWatch with negative implications.

"We lowered the rating on Agile to reflect the company's latest development – the cancellation of a proposed rights issue and the detention of its chairman," S&P credit analyst Vincent Lam said in a news release. "Following the chairman's detention and investigation, we believe the company's operational and financing abilities will likely weaken."

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