S&P rates Yida China Holding notes B-

S&P said it assigned its B long-term corporate credit rating to Yida China Holding Ltd. The outlook is stable. S&P also assigned a cnBB- long-term Greater China regional scale rating to the company.

S&P also assigned its B- long-term issue rating and cnB+ long-term Greater China regional scale rating to Yida's proposed U.S. dollar-denominated senior unsecured notes.

“The ratings reflect Yida's limited geographical diversity, and the company's high leverage and tight liquidity given its large capital spending to develop new business parks,” said S&P credit analyst Brian Huang in a news release.

“Yida's good market position in business park development in China and its good execution record temper these weaknesses. In addition, the company's business parks benefit from the favorable outlook for China's information technology (IT) outsourcing and biotech industries, to which most of Yida's tenants belong.”

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