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S&P rates Golden Eagle Retail notes BBB-
Standard & Poor's said it assigned its BBB- long-term issue rating and its cnA- Greater China regional scale rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Golden Eagle Retail Group Ltd. (BBB-/stable/--; cnA-/--).
Golden Eagle plans to use the proceeds from the proposed issuance to partly refinance its existing short-term bank loans and for general corporate purposes.
"We believe the Golden Eagle management will maintain good financial discipline and manage its financial position and leverage such that the debt-to-EBITDA ratio stays below our downgrade trigger of 3.0x," S&P said in a news release.
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