S&P rates E-House notes BB-

S&P said it assigned its BB- long-term issue rating to the dollar-denominated senior unsecured notes E-House (China) Enterprise Holdings Ltd. plans to sell.

“We equalize the issue rating with the issuer credit rating on E-House because the proposed notes are not significantly subordinated to other debt in the company's capital structure,” S&P said in a press release.

E-House plans to use the proceeds to repay debt.

“We expect the proposed issuance to have a mild impact on leverage, given that the proceeds would be mainly used for refinancing purposes. That said, E-House's heightened leverage may not improve substantially over the next 12 months, as reflected in our negative outlook on the company,” the agency 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.