S&P upgrades Fantasia notes

S&P said it removed Fantasia Holdings Group Co. Ltd.’s senior unsecured-issue level ratings from under criteria observation and raised the issue rating on its senior unsecured notes to B+ from B.

The agency said the action stems from the application of its revised issue rating criteria and does not reflect any change in the assessment of the corporate credit ratings on Fantasia.

S&P said it takes into consideration the company’s capital structure as of year-end 2016, which consists of RMB 3.26 billion in secured debt and RMB 19.6 billion in unsecured debt. It also consists of RMB 7.08 billion in unsecured debt issued by the company's operating subsidiaries.

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