S&P rates Kaisa notes B+/cnBB

Standard & Poor's said it assigned its B+ long-term issue rating and cnBB long-term Greater China regional scale rating to a proposed issue of dollar-denominated senior unsecured notes by Kaisa Group Holdings Ltd.

S&P said the rating on Kaisa reflects its high leverage and lack of consistent financial management.

The company's large and low-cost land bank and its established market position in Shenzhen and Guangdong temper these weaknesses.

The agency said it continues to view Kaisa's business risk profile as "weak" and its financial risk profile as "aggressive."

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