Coastal Greenland assigned 'B+' long-term CCR with stable outlook - S&P |
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Mon, 22 Oct 2007 14:50
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating (CCR) to Coastal Greenland Ltd (CGL) saying this reflect CGL's low liquidity, weak credit protection measures, and an accelerated expansion strategy with heavy capital requirements.The outlook is stable.The rating agency has issued its 'B' issue rating to a proposed issue of US dollar-denominated guaranteed senior notes, adding that 77.5 mln usd of the net proceeds will be used to redeem the company's 2008 senior notes.CGL, a multi-city residential property developer with a presence in several Chinese cities, is vulnerable to an evolving regulatory environment and the highly competitive and cyclical nature of the property market in China, S&P said.However, these weaknesses are mitigated by CGL's low-cost land bank, long operating history with a proven track record in managing a diverse portfolio in various cities, and its access to alternative financing sources from various strategic partners to fund its expansion, S&P added.tfn.newsdesk@thomson.comnet/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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