S&P lowers Hopson, notes

Standard & Poor's said it lowered its long-term corporate credit rating on Hopson Development Holdings Ltd. to B from B+. The agency said it also lowered the issue rating on the company's senior unsecured notes to B- from B.

At the same time, the agency said it placed all of the ratings on the Hopson, including the cnBB- Greater China credit scale rating on the company and the cnB+ issue rating on the notes, on CreditWatch with negative implications.

"The downgrade reflects our expectation that Hopson's financial strength will remain weak for the next one year following a deterioration in 2011," said S&P credit analyst Bei Fu in a news release.

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