S&P assigns BB- to Future Land Development notes

S&P said it assigned its BB- long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Future Land Development Holdings Ltd. (BB/stable/--).

S&P said it rates the senior unsecured notes one notch lower than the issuer credit rating because of subordination risk.

“We expect this new senior notes issuance and further offshore refinancing in the next six months to help improve the company's debt maturity profile,” S&P said in a news release.

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