S&P gives China Overseas Land notes BBB+

Standard & Poor's said it assigned its BBB+ issue rating and its cnA+ Greater China regional scale rating to a proposed issue of dollar-denominated senior unsecured notes by China Overseas Finance (Cayman) VI Ltd.

China Overseas Land & Investment Ltd. (BBB+/stable/--; cnA+/--) will unconditionally and irrevocably guarantee the notes.

S&P expects China Overseas Land to use the proceeds to repay or refinance existing debt and for financing new and existing projects, including land acquisitions and for general corporate purposes.

The issue rating is the same as the corporate credit rating on China Overseas Land because the agency anticipates that the company's ratio of priority debt to total assets will likely remain well below our notch down threshold of 20% for investment-grade companies.

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