S&P rates Intime, bonds BB-

Standard & Poor's said it assigned a BB- long-term corporate credit rating to Intime Department Store (Group) Co. Ltd., along with a BB- rating to the company's proposed renminbi-denominated fixed-rate senior unsecured bonds.

The agency also said it assigned a cnBB+ Greater China scale rating to Intime and its bonds.

The ratings are subject to review of the final issuance documentation.

The proceeds will be used for future expansion, debt refinancing and general corporate purposes.

The outlook is stable.

The ratings reflect the company's aggressive growth strategy and financial risk profile, S&P said, and business concentration in its home market of Zhejiang.

The company's leadership in its home market and healthy growth in same-store sales temper these weaknesses, the agency said.

The company's favorable concessionaire business model and the good long-term growth prospects for the Chinese retail sector also support the rating, S&P added.

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