S&P rates Hengli notes BBB-

Standard & Poor's said it assigned its BBB long-term corporate credit rating to Hengli (Hong Kong) Real Estate Ltd.

The outlook is stable.

The agency also assigned its cnA long-term Greater China regional scale rating to the company.

At the same time, S&P assigned a BBB- issue rating and a cnA- Greater China regional scale rating to a proposed issue of senior notes that Hengli guarantees. Hengli's parent Poly Real Estate Group Co. Ltd. (PRE) will issue the notes through Poly Real Estate Finance Ltd., a special purpose vehicle fully owned by Hengli.

"The rating on Hengli is linked to the rating on the company's parent PRE (BBB+/Stable/--, cnA+/--). The rating is one notch below that on the parent because we view Hengli as a 'highly strategic' subsidiary but not a 'core' subsidiary of PRE," S&P credit analyst Matthew Kong said in a news release.

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