S&P rates Yuzhou Properties notes B+

S&P said it assigned a B+ long-term issue rating to a proposed issue of dollar-denominated senior unsecured notes by Yuzhou Properties Co. Ltd.

The rating is one notch lower than the long-term corporate credit rating on Yuzhou to reflect structural subordination risk, the agency said.

The proceeds will be used to refinance existing debt and for general working-capital purposes, S&P said.

Yuzhou's acquisition of seven projects from Coastal Greenland Ltd. in January 2018 doesn't significantly change its leverage, the agency said.

But the company will take time to realize much of the sales, especially those with primary land development, S&P said.

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