S&P rates Powerlong notes B-, outlook stable

Standard & Poor's said it revised the outlook on Powerlong Real Estate Holdings Ltd. to stable from negative.

In line with the revision, S&P raised its long-term Greater China regional scale rating on Powerlong to cnBB- from cnB+ and that on its outstanding senior unsecured notes to cnB+ from cnB.

The agency also affirmed its B long-term corporate credit rating on Powerlong and the B- issue rating on the existing notes.

At the same time, S&P assigned a B- issue rating and cnB+ Greater China regional scale rating to Powerlong's proposed issue of dollar-denominated senior unsecured notes.

The company will use the proceeds from the notes for refinancing and working capital.

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