S&P rates Gemdale notes BB-

S&P said it assigned its BB- long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes by Gemdale Ever Prosperity Investment Ltd.

Famous Commercial Ltd. (BB-/stable/--) unconditionally and irrevocably guarantee the notes.

Gemdale (BB/stable/--) owns 100% of Famous, its Hong Kong-based offshore holding company and financing platform.

“The issuer credit rating and stable outlook on Gemdale reflects our expectation that the company's contracted sales will continue to expand at a moderate pace with stable margins over the next 12 months,” S&P said in a news release.

“Meanwhile, we expect the company’s ‘see-through’ debt-to-EBITDA ratio to be 4.5x-5x in the period, up from 4.2x in 2017. The see-through ratio includes the proportional consolidated financials of joint ventures and associates.”

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