S&P rates E-House notes BB

S&P said it assigned a BB long-term issuer credit rating to E-House (China) Enterprise Holdings Ltd.

S&P also assigned a BB long-term issue rating to the proposed senior unsecured notes that the company plans to issue.

The outlook is stable.

“Our rating on E-House (China) Enterprise Holdings Ltd. reflects the company's leading position in primary real estate agency services, as well as real estate data and consulting services in China,” S&P said in a news release.

“Our view considers execution risk, given the nascent development and fast expansion of E-House's ‘Fangyou’ network of real-estate brokers, buyers, and sellers. We have also taken into account the company's high customer concentration.”

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