S&P assigns Country Garden, notes BBB-

Standard & Poor's said it assigned its BBB- long-term corporate credit rating to Country Garden Holdings Co. Ltd.

The outlook is stable.

At the same time, S&P said it assigned its BBB- issue rating to Country Garden's proposed issue of senior unsecured notes with two tranches maturing in 2012 and 2017, respectively.

The agency said that the rating on Country Garden reflects the company's sound financial profile and the benefits of having one of the largest and lowest-cost land banks among all Chinese property developers.

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