S&P rates Yuexiu REIT notes BBB-

S&P said it assigned its BBB- long-term issue rating to Yuexiu REIT MTN Co. Ltd.'s proposed U.S. dollar notes under an upsized medium-term notes program of US$1.5 billion. Yuexiu Real Estate Investment Trust (Yuexiu REIT: BBB-/stable/--) guarantees the notes.

Yuexiu REIT will mainly use the proceeds to refinance its U.S. dollar bond due in May 2018 and the rest to refinance other bank loans. Yuexiu REIT MTN is a wholly owned subsidiary of Yuexiu REIT.

S&P said the stable outlook on the issuer credit rating on Yuexiu REIT reflects S&P’s expectation that the company will dispose assets to deleverage and maintain high occupancy and stable rental growth across the major assets in its portfolio.

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