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S&P rates GCL New Energy bonds B+
S&P said it assigned a BB- long-term corporate credit rating to GCL New Energy Holdings Ltd.
The agency also said it assigned a B+ long-term issue rating to GCL New Energy's proposed senior unsecured bonds.
The outlook is stable.
The ratings reflect the company's exposure to the evolving regulatory framework for solar power producers in China and its high leverage from aggressive debt-funded expansion, S&P said.
GCL New Energy's large and efficient asset portfolio across China tempers these weaknesses, the agency said.
S&P said it views GCL New Energy as a strategically important subsidiary of GCL-Poly Energy Holdings Ltd.
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