S&P applies B to Times Property notes

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

The issue rating is one notch lower than the company’s long-term corporate credit rating to reflect structural subordination risk.

S&P said it expects Times Property to use the proceeds from the proposed notes to refinance its RMB 1.5 billion 10 3/7% notes due July 2017. The repayment and refinancing of these notes would lower the company's interest expenses and extend its debt maturities. Times Property's average funding cost was 8.32% in 2016.

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