S&P rates SOHO notes BB+

Standard & Poor's said it assigned its BB+ long-term corporate credit rating to SOHO China Ltd. The outlook is negative.

The agency said it also assigned its cnBBB Greater China regional scale rating to SOHO.

At the same time, the agency said it assigned its BB+ issue rating and cnBBB Greater China regional scale rating to the company's proposed issue of benchmark-sized U.S. dollar-denominated senior unsecured notes.

"The rating on SOHO reflects the company's fairly concentrated project portfolio and 'lumpy' (or periodically bunched up) property sales. We also see some execution risks with the company's aggressive plan to shift its business model from build-to-sell to build-to-hold," said S&P credit analyst Christopher Lee in a news release.

"These weaknesses are tempered by our view that SOHO has a high-quality property portfolio, established market position and prudent financial management."

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