S&P rates Logan Property notes B+

S&P said it assigned its B+ long-term issue rating to a proposed issue of dollar-denominated senior notes by Logan Property Holdings Co. Ltd. (BB-/stable/--).

The China-based developer intends to use the proceeds to refinance its existing debt.

“We rate the notes one notch lower than the issuer credit rating on Logan because of significant subordination risks. In our calculation, the proposed notes will rank behind a significant amount of priority debt in Logan's capital structure,” S&P said in a news release.

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