S&P: Shimao Property unchanged

Standard & Poor's said its long-term corporate credit rating on Shimao Property Holdings Ltd. (BB+/stable) is unaffected by possible revisions to the terms of a fully drawn $328 million syndicated loan.

S&P said it believes the company is likely to succeed in renegotiating the terms in exchange for a marginally higher cost of funding and/or an insignificant monetary penalty, noting that its understanding is that the syndicating banks are open to working with the company to achieve a mutually acceptable solution.

The agency noted that it believe the likely increase in additional interest costs on the loan will have a limited impact on Shimao's liquidity and overall financial position.

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