S&P assigns Central China Real Estate notes BB-

Standard & Poor's said it assigned its BB- long-term issue rating and cnBB+ long-term Greater China regional scale rating to a proposed issue of dollar-denominated senior unsecured notes by Central China Real Estate Ltd. (BB-/stable/--; cnBB+/--).

A majority of the proceeds will be used for refinancing its existing debt, and the rest for funding new and existing projects and for general corporate purposes.

S&P said the rating continues to reflect the company's increased debt leverage, high geographic concentration, and growing competition. Central China Real Estate’s established market position in Henan, satisfactory sales execution, and good profitability stemming from sizable low-cost land reserves temper these weaknesses.

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