S&P rates Yingde Gases notes BB-

Standard & Poor's said it assigned its BB long-term corporate credit rating to Yingde Gases Group Co. Ltd.

The outlook is stable.

At the same time, S&P assigned its BB- issue rating to a proposed issue of senior notes by Yingde Gases Investment Ltd., which is Yingde's wholly owned subsidiary. Yingde will unconditionally and irrevocably guarantee the notes.

S&P also assigned its long-term Greater China regional scale ratings of cnBBB- to Yingde and cnBB+ to the proposed notes.

"The rating on Yingde reflects the company's customer concentration in the steel industry, small size relative to global players, and execution risk stemming from its rapid expansion plan," S&P credit analyst Joe Poon said in a news release.

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