S&P: Kaisa Group notes B+

Standard & Poor's said it affirmed the B+ long-term corporate credit rating on Kaisa Group Holdings Ltd., along with its cnBB- long-term Greater China regional scale rating.

The outlook is negative.

S&P also said it assigned a B+ rating and cnBB- Greater China regional scale rating to Kaisa's proposed issue of dollar-denominated senior unsecured notes.

The agency also affirmed the B+ rating and cnBB- Greater China regional scale rating on the company's outstanding senior unsecured notes.

The ratings reflect Kaisa's increasing operating scale, low-cost land bank and improving execution in new markets, which will support its operating performance over the next 12 months at least, S&P said.

The company's aggressive debt-funded expansion, weakening profitability and limited consistency in financial management temper these strengths, the agency said.

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