S&P rates China Overseas notes BBB-

Standard & Poor's said it assigned its BBB- corporate credit rating to China Overseas Land & Investment Ltd. (COLI). The outlook is stable.

At the same time, the ratings agency assigned a preliminary BBB- issue credit rating to the company's proposed notes due 2015. The notes will be issued by China Overseas Finance (Cayman) I Ltd., which is wholly owned by COLI.

"The rating on COLI reflects the company's large and diverse property development portfolio and a large, but low cost land bank, which should enable it to weather a market downturn," said credit analyst Raymond Woo.

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