S&P lowers Glorious Property

Standard & Poor’s said it lowered the long-term corporate credit rating on Glorious Property Holdings Ltd. to CC from CCC-.

S&P also said it lowered the company’s long-term Greater China regional scale rating to cnCC from cnCCC-.

The agency also said it lowered the long-term issue rating on the company’s senior unsecured notes to C from CC, along with its long-term Greater China scale rating to cnC from cnCC.

The outlook is negative.

The downgrades follow the company’s disclosure of a series of overdue debt repayments that have not been completely remedied or waived, S&P said.

The company is in negotiations for renewals and extensions, the agency said, but no immediate repayments have been demanded.

This shows that Glorious continues to face difficulty in obtaining additional new and sufficient financing, S&P said, with a high probability that the company could default on its $300 million unsecured offshore notes due in October.

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