S&P lowers Yanlord notes

S&P said it reviewed the senior unsecured issue-level ratings for Yanlord Land (HK) Co. Ltd. that were labeled as under criteria observation (UCO) after publishing its revised issue ratings criteria.

With the criteria review completed, S&P said it is removing the UCO designation from these ratings and lowering the rating on Yanlord Land (HK) Co.'s $450 million senior unsecured notes to B+ from BB-.

The notes are guaranteed by Yanlord Land Group Ltd., the agency noted.

This action stems solely from the application of the revised issue rating criteria and does not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

The action takes into consideration the capital structure of Yanlord Land Group as of Dec. 31, 2016, the agency said.

The capital structure consists of RMB 11.079 billion of secured debt and RMB 13.002 billion unsecured debt that Yanlord Land Group issued and RMB 11.505 billion of unsecured debt issued by its operating subsidiary, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.