S&P drops Parkson Retail to BB-

Standard & Poor's said it lowered its long-term corporate credit rating on Parkson Retail Group Ltd. to BB- from BB.

The outlook is stable.

In line with the rating change, the agency lowered its long-term Greater China regional scale rating on Parkson to cnBB+ from cnBBB-.

All ratings were removed from CreditWatch, where they were placed with negative implications on Feb. 21.

"We lowered the ratings to reflect our assessment that Parkson's financial performance is unlikely to recover in the next 12 months," S&P credit analyst Lillian Chiou said in a news release. "We believe that the company's operating efficiency will remain weaker and its financial risk will remain higher than that of Chinese department store operators that we rate."

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