S&P gives Central China Real Estate notes B+

Standard & Poor's said it assigned its B+ long-term issue rating and cnBB long-term Greater China regional scale rating to Central China Real Estate Ltd.'s proposed issue of dollar-denominated senior unsecured notes.

The issue rating is one notch lower than the corporate credit rating on Central China Real Estate to reflect S&P's opinion that offshore noteholders would be materially disadvantaged, compared with onshore creditors, in the event of default.

The agency said it anticipates that the company's ratio of priority borrowings to total assets will remain above our notching threshold of 15% for companies with a speculative-grade rating.

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