S&P gives BB to Country Garden notes, ups other notes

Standard & Poor's said it assigned its BB long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Country Garden Holdings Co. Ltd. (BB/positive/--; cnBBB/--).

S&P also assigned a cnBBB Greater China regional scale rating to the notes.

The company will use the proceeds from the proposed issuance to refinance outstanding notes due 2017 and other existing debt and for general corporate purposes.

At the same time, S&P raised the long-term issue rating on Country Garden's existing senior unsecured notes to BB from BB-. S&P also raised the Greater China regional scale rating on the notes to cnBBB from cnBBB-.

S&P said it raised the ratings because the company has managed the level of structural subordination risk on its offshore debt.

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