S&P: Country Garden notes BB-

Standard & Poor's said it affirmed the BB long-term corporate credit rating on Country Garden Holdings Co. Ltd.

The agency also said it assigned a BB- issue rating to the company's proposed issue of senior unsecured notes.

The outlook is negative.

The proceeds will be used to fund land acquisitions, construction and other corporate purposes.

The affirmation follows a review of the company's financial and operational performance in 2010 as well as its growth strategy for 2011, including a proposed bond issuance, S&P said.

The company is likely to maintain credit ratios that are supportive of the current rating, the agency said.

There are uncertainties about its aggressive growth appetite and a significant increase in its debt against a clouded property market outlook, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.