S&P: China Resources notes BBB

Standard & Poor's said it assigned a BBB long-term corporate credit rating to China Resources Land Ltd., along with a BBB rating on the company's proposed issue of dollar-denominated fixed-rate senior unsecured notes.

The outlook is stable.

The ratings reflect the company's growing recurring income from good quality rental properties and its large, geographically diversified and low-cost land bank, S&P said.

The company's aggressive growth appetite, largely funded by debt, and its weaker cash flows and capital structure partly offset these strengths, the agency said.

Nevertheless, the company's financial risk profile has improved in the past two years, S&P added.

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