S&P rates Kaisa notes BB-

Standard & Poor's said it assigned a BB- 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.

The rating on the notes is subject to a review of the final issuance documentation.

The company will use proceeds for refinancing, existing and new property projects and general corporate purposes, S&P said.

The rating is the same as the issuer rating on Kaisa because the agency said it believes the company has improved its debt structure by reducing the structural subordination risk on its offshore debt.

The stable outlook reflects an expectation that Kaisa can maintain its good sales execution and sufficient liquidity over the next 12 months, S&P said.

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