S&P assigns B to Jingrui

S&P said it assigned its B long-term corporate credit rating to Jingrui Holdings Ltd.

The outlook is stable.

The agency said the rating reflects Jingrui's small operating scale, small market share, weak competitiveness in its core markets, lower profitability than its peers, and an expectation that the company will increase its leverage to replenish its small land reserves to expand and refocus in higher-tier cities.

“In our view, the company has largely completed its strategic transition and inventory clearance in the past few years,” S&P said in a news release.

“We anticipate its profitability will gradually recover and move toward the lower end of the market average.”

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