S&P rates Zhenro Properties notes B-

S&P said it assigned its B- long-term issue rating to a proposed issue of dollar-denominated senior notes by Zhenro Properties Group Ltd.

The developer intends to use the proceeds for refinancing its existing debt.

The agency said it rates Zhenro's senior notes one notch lower than the issuer rating because of significant subordination risks.

“In our calculation, the proposed notes will rank behind a significant amount of priority debt in Zhenro's capital structure,” S&P said in a news release.

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