S&P cuts Glorious Property, notes

Standard & Poor's said lowered its long-term corporate credit rating on Glorious Property Holdings Ltd. to B- from B.

The outlook is negative.

The agency also lowered the issue rating on the company's senior unsecured notes to CCC+ from B-.

At the same time, S&P lowered its long-term Greater China regional scale rating on Glorious to cnB- from cnB+ and that on the notes to cnCCC+ from cnB.

"We lowered the rating to reflect our view that Glorious' financial performance will likely remain poor over the next 12 months," S&P credit analyst Frank Lu said in a news release. "The downgrade also reflects the deterioration in the company's liquidity position. Liquidity weakened mainly because of the company's weak execution, sluggish sales, and significant short-term debt."

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