S&P affirms Golden Wheel Tiandi

Standard & Poor's affirmed its B long-term corporate credit rating on Golden Wheel Tiandi Holdings Co. Ltd. (GW Tiandi). The outlook is stable.

At the same time, S&P affirmed its cnBB- long-term Greater China regional scale rating on the company.

S&P also affirmed its B long-term issue rating and cnBB- long-term Greater China regional scale rating on GW Tiandi's outstanding senior unsecured notes.

“We affirmed the ratings to reflect GW Tiandi's limited number of projects, concentration within a few cities, and weakening interest coverage,” said S&P credit analyst Dennis Lee in a news release. “However, the company's stable rental income from its investment properties and leasing income from its metro malls partially offset the weaknesses.”

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