S&P: China Resources notes BBB

Standard & Poor's said it assigned a BBB long-term issue rating and cnA long-term Greater China regional scale rating to the $2 billion medium-term notes program of China Resources Land Ltd.

The agency also assigned a BBB rating to the $1.1 billion senior unsecured notes issued under the program.

S&P said it does not notch down the rating on the program and the senior unsecured notes from the corporate credit rating because the company is expected to maintain its priority debt at less than 20% of total assets, which is the threshold for investment-grade companies.

The ratings reflect the company's diversified project portfolio and good asset quality and execution of strategy, the agency said.

The company's credit strength also benefits from strong and recurring income from its property rental business, S&P said.

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