S&P cuts Agile Group

S&P said it trimmed Agile Group Holdings Ltd.’s issuer rating to BB- from BB and its senior unsecured notes to B+ from BB-.

“We believe weaker market confidence in Agile, and the property developer sector will limit the company's access to offshore capital markets. In our view, the company will need to rely on internal cash flow and onshore bank loans to meet its debt maturities,” S&P said in a press release.

“While the company still has access to offshore banks, this will be mainly for refinancing, in our view. Furthermore, we expect the amount of Agile's offshore bank loans to decline as banks tighten their stance on approving offshore loans for developers,” the agency said.

The outlook is negative.

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