S&P elevates R&F (HK) to CC

S&P said it raised its long-term issuer credit rating on R&F Properties (HK) Co. Ltd. (R&F HK) to CC from SD and affirmed the rating on Guangzhou R&F Properties Co. Ltd. (Guangzhou R&F) at CC.

The outlooks are negative, reflecting high vulnerability to default on the companies' outstanding obligations, S&P noted.

“We raised our rating on R&F HK after we reassessed the company's credit profile following the completion of the distressed tendering and extension on its US$725 million senior unsecured notes due on Jan. 13, 2022. We affirmed our rating on Guangzhou R&F,” S&P said in a news release.

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