S&P rates Poly Real Estate notes BBB-

S&P said it assigned a BBB- long-term issue rating to Poly Real Estate Finance Ltd.'s proposed dollar-denominated senior unsecured notes.

Hengli (Hong Kong) Real Estate Ltd. guarantees the notes with Poly Development Holding Group Co. Ltd., providing support via a keepwell agreement, S&P said.

Hengli is Poly Development's offshore financing platform, the agency said.

The new rating is equalized with the rating on the senior unsecured notes with the issuer credit rating on Hengli because it does not see any significant subordination risk in the company's capital structure, S&P said.

The agency said it estimates Hengli's priority debt ratio dropped by the end of 2018, compared with about 47% at year-end 2017.

S&P said it does not expect the issuance to significantly affect Poly Development's financial leverage because the issuance will primarily be used for refinancing.

The size of the issuance also is not huge relative to the company's total debt, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.