S&P cuts Kaisa, notes to D

Standard & Poor's said it lowered its long-term corporate credit rating on Kaisa Group Holdings Ltd. to D from SD and its long-term issue ratings on the senior unsecured notes to D from CC.

As a result of the downgrade, the agency lowered its long-term Greater China regional scale rating on Kaisa to D from SD and on the notes to D from cnCC.

"We downgraded Kaisa after the company missed coupon payments on its senior unsecured notes of $250 million (maturing in 2017) and $800 million (2020)," S&P credit analyst Dennis Lee said in a news release.

Coupon payments of about $52 million were due on March 18 and March 19.

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