S&P gives Metro Country Club

Standard & Poor's said it assigned a B- corporate credit rating to Metro Country Club SA, along with a B- rating to the company's $87 million proposed senior secured notes due 2015.

The outlook is negative.

The ratings are limited by the company's dependence on the sale of "high-end" real estate projects to service its debt obligations, its concentration on a handful of projects in the Dominican Republic and its highly leveraged financial risk profile, S&P said.

Partially offsetting those factors are the company's high brand recognition, strong reputation and the

competitive advantages provided by the location and scope of its developments in the Dominican Republic, the agency said.

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