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S&P lowers KWG Property
S&P said it lowered the long-term corporate credit rating on KWG Property Holding Ltd. to B+ from BB-.
The outlook is stable.
The agency also said it lowered the long-term Greater China regional scale rating on KWG to cnBB from cnBB+.
S&P also said it lowered the rating on the company's outstanding senior unsecured notes to B from B+ and the Greater China regional scale rating to cnBB- from cnBB.
The agency said it removed all of the ratings from CreditWatch, where they were placed with negative implications in March.
The downgrades reflect an expectation that KWG's financial leverage will remain elevated for the previous BB- rating category in the next 12- to 18-months following a material weakening in 2016, S&P said.
The agency said it believes the company's overall financial strength has weakened more than expected due to aggressive land acquisitions.
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