S&P rates Future Land notes B+

Standard & Poor's said it assigned its B+ long-term issue rating and cnBB long-term Greater China regional scale rating to a proposed issue of Chinese renminbi-denominated senior unsecured notes by Future Land Development Holdings Ltd.

Future Land intends to use the proceeds to repay some existing loans, fund land acquisitions for residential and commercial property development and for general corporate purposes.

S&P said the issue rating is one notch lower than the long-term corporate credit rating on Future Land to reflect its opinion that offshore noteholders would be materially disadvantaged, compared with onshore creditors, in the event of default

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