S&P shifts GLP view to negative

S&P said it revised its outlook for GLP Pte Ltd. and GLP China Holdings Ltd. to negative from stable and affirmed the BBB- issuer and issue ratings. The agency also affirmed the BB- rating on GLP’s perpetual notes.

“The negative outlook indicates that we could lower the ratings if GLP is unable to sustainably reduce the proportion of nonrecurring EBITDA to less than 30% by end-2023. A downgrade could also materialize if GLP continues to utilize its balance sheet to fund material new development, undertakes related-party transactions, or is unable to collect the majority of its advances to GLP Bidco Ltd. (Bidco, an intermediate holding company) over the next six to 12 months,” S&P said in a press release.

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