S&P rates Agile notes B+

S&P said it assigned a B+ long-term issue rating to the dollar-denominated senior unsecured notes that Agile Group Holdings Ltd. proposes to issue.

The rating is one notch lower than the long-term corporate credit rating on Agile, reflecting structural subordination risk, the agency said.

The proceeds will be used to refinance existing debt, S&P said.

The agency said it believes Agile is comfortably on track to reach its 2017 target of increasing sales by 14% to RMB 60 billion on the back of its ample salable resources of 8.15 million square meters gross floor area.

For the seven months of 2017, the company's sales increased 41% to RMB 45 billion, S&P said.

The positive outlook reflects an expectation that the company will improve its margins while maintaining steady sales growth over the next 12 months, the agency said.

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