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S&P gives BB to Maoye International notes
Standard & Poor's said it assigned its BB long-term issue rating and cnBBB long-term Greater China regional scale rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Maoye International Holdings Ltd. (BB+/stable/--; cnBBB+/--).
The rating on Maoye reflects the company's operation in a highly competitive and fragmented department store industry. In addition, the company has cyclical cash flows from property sales and a capital-intensive business model, S&P said.
The rating also reflects Maoye's aggressive acquisition appetite to expand its market share. The company's good ability to consolidate acquired stores, fair geographical diversification, strong market position in a few cities, and operational stability because of its high portion of self-owned properties temper these weaknesses, the agency said.
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