S&P lowers Oceanwide, notes

S&P said it lowered its long-term corporate credit rating on Oceanwide Holdings Co. Ltd. to B- from B and lowered the long-term issue rating on the senior unsecured notes the company guarantees to B- from B.

The outlook is negative.

“We lowered the rating on Oceanwide to reflect the company's deteriorating operating cash flow due to weak property sales and lower dividend income from the financial services segment than we expected,” the agency said in a news release.

“Oceanwide's leverage should therefore deteriorate further in 2017 and remain elevated over the next two years.”

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