S&P: Shanghai Zendai stable

Standard & Poor's said it revised the outlook on Shanghai Zendai Property Ltd. to stable from negative.

At the same time, the agency said it affirmed the B- long-term corporate credit rating on the company.As a result of the outlook revision, S&P said it raised the long-term Greater China credit scale rating on Shanghai Zendai to cnB from cnB-.

The agency said it also withdrew the CCC+ issue rating on the company's senior unsecured notes after the company fully redeemed them.

"We revised the rating outlook to stable to reflect our view that Shanghai Zendai no longer faces immediate and significant refinancing risk on its $139 million senior unsecured notes following their full redemption," said S&P credit analyst Frank Lu.

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