S&P rates Sunac China notes B

S&P said it assigned its B long-term issue rating to the U.S. dollar senior notes that Sunac China Holdings Ltd. (B+/stable/--) proposes to issue. Sunac will use the proceeds to refinance its existing debt and for general corporate purposes.

“Sunac's financial performance in 2017 was better than our expectation. We estimate that the company's see-through debt-to-EBITDA ratio, which includes the attributable non-consolidated financial data of joint ventures and associates, improved to 15x in 2017, from about 19x in 2016,” S&P said in a news release.

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