S&P rates Guorui Properties notes B-

S&P said it assigned a B long-term corporate credit rating to Guorui Properties Ltd., along with a cnBB- long-term Greater China regional scale rating.

The agency also said it assigned a B- long-term issue rating and cnB+ long-term Greater China regional scale rating to Guorui's proposed issue of dollar-denominated senior unsecured notes.

The outlook is stable.

The ratings reflect the company's high project concentration, moderate operating scale and limited brand recognition outside Beijing, S&P said.

The ratings also consider the company’s high leverage and strong growth appetite, the agency said.

The company's good debt-servicing ability and above-average profitability due to its low-cost land bank temper the above weaknesses, S&P said.

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