S&P rates Poly Real Estate notes BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating and cnA- long-term Greater China regional scale rating to a proposed issue of senior unsecured notes that Hengli (Hong Kong) Real Estate Ltd. (BBB/stable/--; cnA/--) guarantees. Hengli is the primary offshore subsidiary of Poly Real Estate Group Co. Ltd. (PRE: BBB+/stable/--; cnA+/--).

Poly Real Estate Finance Ltd., a special purpose vehicle fully owned by Hengli, will issue the notes.

The rating on Hengli is one notch below that on its parent because S&P assesses Hengli as a "highly strategic" subsidiary but not a "core" subsidiary of Poly Real Estate.

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