S&P rates Hengli Real Estate notes BBB-

S&P said it assigned its BBB- long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes guaranteed by Hengli (Hong Kong) Real Estate Ltd., an offshore financing platform of Poly Real Estate Group Co. Ltd. (PRE: BBB/stable/--).

PRE intends to use the proceeds to refinance its existing debt.

The issue rating is subject to our review of the final issuance

documentation.

“We equalize the issue rating with Hengli's issuer credit rating, considering that the notes are not significantly subordinated relative to other debt in the company's capital structure,” S&P said in a news release.

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