S&P affirms Greenland, notes

S&P said it affirmed its BB long-term corporate credit rating on Greenland Holding Group Co. Ltd. and the BB long-term issue rating on the senior unsecured notes the company guarantees.

The outlook is negative.

“We affirmed our ratings because we expect Greenland to continue to generate strong cash flows from property sales with satisfactory margins and stabilize its financial position. We believe the company is likely to continue to have good funding access to meet its short-term obligations,” the agency said in a news release.

“The rating on Greenland is underpinned by the company's robust market position, strong execution of its property development projects. Those factors are offset by the company's weak debt servicing capacity.”

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