S&P rates Yuzhou notes B/cnBB-

Standard & Poor's said it assigned its B issue rating Yuzhou Properties Co. Ltd.'s proposed senior unsecured notes.

At the same time, the agency assigned a cnBB- Greater China regional scale rating to the proposed notes.

S&P said the issue rating on the notes is one notch lower than the corporate credit rating on Yuzhou to reflect the opinion that offshore noteholders would be materially disadvantaged, compared with onshore creditors, in the event of default. In S&P's view, the company's ratio of priority borrowings to total assets will remain above its notching threshold of 15% for speculative-grade debt.

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