S&P cuts Hopson

Standard & Poor's said it lowered the long-term corporate credit rating on Hopson Development Holdings Ltd. to B+ from BB-, along with its $350 million of 8.125% senior unsecured notes due 2012 to B from B+.

The outlook is stable.

The agency said it lowered the rating on Hopson to reflect its aggressive expansion and its cash sales performance, which was much weaker than expected, S&P said.

Hopson's recent land acquisitions will put further pressure on the company's already-weak financial metrics, the agency said.

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