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S&P lowers Zhong An
Standard & Poor's said it lowered its long-term corporate credit rating on Zhong An Real Estate Ltd. to B from B+. The outlook is negative.
At the same time, the agency said it lowered its Greater China scale credit rating on Zhong An to cnB+ from cnBB-.
"We lowered our rating because we expect Zhong An's contract sales to remain weak in the next six to 12 months due to a deepening correction in China's real estate market," said S&P credit analyst Frank Lu in a news release.
S&P said it believes the company's liquidity has weakened to "less than adequate." This highlights the company's small scale, and high project and geographic concentration risks, the agency said.
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