S&P assigns Agile, notes BB

Standard & Poor's said it assigned its BB long-term corporate credit rating to Agile Property Holdings Ltd.

The outlook is stable.

At the same time, it assigned its BB issue rating to a proposed issue of seven-year $350 million unsecured fixed-rate notes, redeemable after four years.

S&P added that the ratings reflect Agile's established presence in the Pearl River Delta region of China, large and low cost land bank, experience in large-scale residential projects and flexible development structure.

These strengths are partly offset by the company's concentration in the city of Zhongshan, its rapid expansion plan and the operating and execution risks it faces in new markets, S&P noted.

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