S&P lowers Greentown China

Standard & Poor's said it lowered its long-term corporate credit rating on Greentown China Holdings Ltd. to B- from B. The outlook is negative.

At the same time, the agency said it lowered the issue rating on the company's outstanding senior unsecured notes to CCC+ from B-.

The agency also lowered the Greater China credit scale rating on Greentown to cnB- from cnB+ and the outstanding senior unsecured notes to cnCCC+ from cnB.

S&P said it lowered the rating because the agency expects Greentown's liquidity to remain weak for the next 12 months due to the company's significant short-term debt, substantial construction costs, and weak property sales.

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