S&P lifts Glorious Property

Standard & Poor’s said it raised the long-term corporate credit rating on Glorious Property Holdings Ltd. to CCC from CC and long-term issue rating on the company’s senior unsecured notes to CCC- from C.

The outlook is negative.

The agency also said it raised the company’s long-term Greater China regional scale rating to cnCCC from cnCC and long-term Greater China scale rating on the notes to cnCCC- from cnC.

The company has a slightly lower risk of defaulting after fully repaying its senior unsecured notes due Oct. 25, the agency said. This led to the upgrades, S&P said.

However, the agency said it still believes Glorious faces high liquidity risks, which stem from its substantial short-term borrowings, limited cash balance and weak sales execution.

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