S&P puts Yanlord ratings on CreditWatch negative

S&P said it placed the ratings for Yanlord Land Group Ltd. on CreditWatch with negative implications, following the company’s acquisition of the remaining 51% in Yanlord Investment (Singapore) Pte. Ltd.

The acquisition will trigger a required offering for United Engineers Ltd., in which Yanlord Investment already owns a 35.3% stake, S&P said.

“We placed the ratings on CreditWatch with negative implications to reflect our view of Yanlord assuming potentially material debt leverage following the proposed acquisition, weakening the debt-to-EBITDA ratio beyond our downside trigger of 4x,” said S&P in a press release.

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