S&P rates Oceanwide re-tap B

S&P said it assigned a B long-term issue rating and cnB+ long-term Greater China regional scale rating to a proposed $200 million re-tap of the dollar-denominated senior unsecured notes due 2020 issued by Oceanwide Holdings International 2015 Co. Ltd.

The notes are guaranteed by Oceanwide Holdings Co. Ltd. and its offshore subsidiary, China Oceanwide Group Ltd., the agency said.

The notes will be consolidated and form a single series with the $400 million notes issued in August 2015, S&P said.

Oceanwide will use the proceeds from the proposed notes for overseas general corporate purposes, including the development of a project located in the United States, the agency said.

The negative outlook reflects an expectation that Oceanwide’s cash flow and leverage ratios will remain weak over the next 12 months due to the company’s continued aggressive growth and acquisition appetite, S&P said.

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