S&P lowers Yanlord Land, notes to B+

Standard & Poor's said it lowered its corporate credit rating on Yanlord Land Group Ltd. to B+ from BB-.

The outlook is stable.

The agency also lowered its issue rating on the company's outstanding senior unsecured notes to B+ from BB-.

At the same time, S&P affirmed its cnBB long-term Greater China regional scale ratings on Yanlord and its notes.

"We lowered our rating on Yanlord to reflect our expectation that the company's leverage and interest coverage are unlikely to materially improve in the next 12 months," S&P credit analyst Dennis Lee said in a news release. "In our view, Yanlord's revenue growth and scale expansion in 2015 will not be sufficient to offset its declining profitability and expected debt increase."

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