S&P lowers Sunac China to cnBB

Standard & Poor's said it affirmed the BB- long-term corporate credit rating on Sunac China Holdings Ltd.

The outlook is negative.

The agency also lowered the long-term Greater China regional scale rating on Sunac to cnBB from cnBB+ to draw it in line with the negative outlook.

The ratings also were removed from CreditWatch, where they were placed with negative implications in June, S&P said.

Sunac is likely to maintain its good sales execution over the next 12 months. This should lead to stronger revenue recognition and EBITDA that would create a buffer for the company's high leverage, the agency said.

S&P also said it expects Sunac to maintain its aggressive expansion and growth appetite over the next two years.

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