S&P rates Zhong An B+, notes B

Standard & Poor's said it assigned a B+ long-term corporate credit rating to Zhong An Real Estate Ltd., along with a B rating to the company's proposed issue of Chinese-renminbi denominated and U.S. dollar-settled senior unsecured notes.

The outlook is stable.

The ratings reflect the company's small scale and high geographic and project concentration compared with its rated peers, the execution risk associated with its aggressive expansion and its exposure to China's real estate market, which is cyclical and competitive, S&P said.

Zhong An's small scale and high concentration may lead to high volatility in its financial performance, the agency said.

The company's track record of disciplined financial and risk management and established market position temper these weaknesses, S&P added.

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