S&P lowers Kingboard Chemical

Standard & Poor's said it lowered its long-term corporate credit rating on Kingboard Chemical Holdings Ltd. to BB+ from BBB-.

The outlook is stable.

At the same time, the agency affirmed its cnBBB+ long-term Greater China regional scale rating on the company.

"We downgraded Kingboard to reflect the company's increasing leverage and deteriorating financial risk profile. The company has a much higher debt level than we earlier anticipated to fund its property development segment and because of increasing investments," S&P credit analyst Dennis Lee said in a news release.

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