S&P rates Country Garden notes BB-

Standard & Poor's said it assigned a BB- rating to the proposed issue of five-year senior unsecured notes by Country Garden Holdings Co. Ltd.

The issue rating is one notch lower than the long-term corporate credit rating to reflect a view that offshore noteholders would be materially disadvantaged, compared with onshore creditors, in a default, S&P said.

The agency said it expects Country Garden's financial performance to improve in 2010, compared with its results in 2009.

Nevertheless, S&P said the company's credit ratios will be sensitive to the effect of challenging operating conditions on property sales in the second half of this year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.