S&P: Yuzhou view to negative

Standard & Poor's said it revised its outlook on Yuzhou Properties Co. Ltd. to negative from stable.

The agency also said it affirmed its B+ long-term corporate credit rating and B rating on its outstanding senior unsecured notes.

The agency also said it lowered its Greater China credit scale rating to cnBB- from cnBB and its issue rating to cnB+ from cnBB-.

The outlook revision reflects a view that Yuzhou's property sales and cash flows will likely remain weak in the next six- to 12-months, following lower-than-expected contracted sales in 2011, S&P said.

Monetary tightening and administrative measures to control property prices have increased the financial strain for Yuzhou, as reflected in its deteriorating credit metrics, the agency said.

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