S&P rates Kaisa notes BB-

Standard & Poor's said it assigned a BB- long-term corporate credit rating to Kaisa Group Holdings Ltd., along with a B+ issue rating to its proposed issue of benchmark-size fixed-rate senior unsecured notes. The rating is subject to final documents.

The outlook is stable.

The ratings the company's volatile financial performance, weak credit ratios and short track record of consistent financial management, S&P said. Another weakness is the company's concentrated property sales, the agency said.

These weaknesses are somewhat tempered by the company's established position in the competitive Shenzhen property market, its large land bank given its current scale of development and the prospect that it could sustain its land bank at a low cost through urban redevelopment projects, S&P said.

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