S&P lowers Glorious Property, notes

Standard & Poor's said it lowered Glorious Property Holdings Ltd.’s long-term corporate credit rating to CCC from B- and its long-term Greater China regional scale rating to cnCCC from cnB-.

The outlook is negative.

At the same time, the agency lowered its long-term issue ratings on Glorious' senior unsecured notes to CCC- from CCC+ and its Greater China regional scale ratings on the notes to cnCCC- from cnCCC+.

"We lowered the ratings because we believe Glorious faces heightened refinancing risks on its US$300 million senior unsecured notes due October 2015," S&P credit analyst Christopher Yip said in a news release.

"We expect Glorious' operating cash flows to remain weak for debt payment over the next 12 months because of the company's slow execution and weak sales."

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