S&P: Agile Property on watch

Standard & Poor’s said it placed the BB long-term corporate credit rating and cnBBB- long-term Greater China regional scale rating on Agile Property Holdings Ltd. on CreditWatch with negative implications.

The agency also said it placed the BB- long-term issue rating and cnBB+ long-term Greater China regional scale rating on the company’s outstanding senior unsecured notes on CreditWatch with negative implications.

The negative watch reflects the increasing information- and refinancing-risk of the company. Agile’s share suspension on the Hong Kong Stock Exchange has been longer than expected, S&P said, and the company has offered little information.

Agile’s share suspension could continue next week, the agency said.

The prolonged suspension immediately following the company’s proposed rights issue, along with no additional information from the management, will undermine investor confidence and could affect the closure of the rights issue, S&P said.

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