S&P rates Lionbridge B+

S&P said it assigned B+ long-term and B short-term issuer credit ratings to Lionbridge Capital Co. Ltd.

The outlook is negative.

The agency also said it assigned a cnBB- long-term and cnB short-term Greater China regional scale ratings to Lionbridge Financing Leasing (China) Co. Ltd.

The ratings reflect the creditworthiness of the company's wholly owned operating subsidiary, Lionbridge Financing Leasing (China), S&P said.

Lionbridge's limited scale, short operating history, high share of short-term funding and significant secured financing constrain its credit profile, the agency said.

The company's conservative underwriting standards, increasingly diversified customer base and good loss recovery temper these risks, S&P said.

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