S&P assigns B to Fujian Yango

S&P said it assigned its B long-term issuer credit rating to Fujian Yango Group Co. Ltd. The outlook is stable.

The agency said the rating reflects the group's high debt leverage and the refinancing risk associated with its large short-term borrowings.

The rating also reflects the group's execution risk and integration risk from the acquisitions of new businesses, and strong growth aspirations, S&P said.

These risks are offset by an expectation that the strong contracted sales growth of the property development segment will generate significant cash inflow for debt repayment and future expansion, the agency added.

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