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S&P ups China Overseas
Standard & Poor's said it raised its long-term corporate credit rating on China Overseas Land & Investment Ltd. to BBB from BBB, along with the rating on its $300 million of 5¾% senior unsecured notes due 2012 to BBB from BBB-.
The notes were issued by China Overseas Finance (Cayman) I Ltd. and are guaranteed by China Overseas Land.
The outlook is stable.
The upgrade reflects an expectation that the company's improved market position and geographic diversification will translate into sustainably stronger financial metrics to support a BBB rating, S&P said.
The upgrade also considers the group's consistently solid operating performance since 2005, the agency said, and its good track record of proactive financial management through property cycles.
The ratings are constrained by its small recurring income base compared with its property trading business, S&P added, and its exposure to the cyclical Chinese property market with high regulatory risk.
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