S&P assigns B to Times Property notes

Standard & Poor’s said it assigned its B long-term issue rating and cnBB- long-term Greater China regional scale rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Times Property Holdings Ltd. (B+/stable/--; cnBB/--).

The ratings on Times Property reflect S&P’s view of the company’s geographic concentration in the Guangdong province, limited number of projects, execution risk associated with its rapid expansion, and short track record of prudent financial management following its IPO, S&P said in a news release.

The company’s long operating record and experience in the province and satisfactory sales execution under a fast-churn model temper the weaknesses, the agency added.

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