S&P rates Landsea notes B-

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

The proceeds will be used to refinance its existing debt.

The agency said it rates Landsea's senior unsecured notes one notch lower than the issuer credit rating, given significant subordination risk in its capital structure.

The company faces little refinancing pressure in 2019, with only RMB 683 million of debt maturing, S&P noted.

However, Landsea has more than RMB 4.4 billion of debt due in 2020, including $200 million of green notes due in April 2020, a RMB 1.7 billion loan from Landsea Group and other bank borrowings, which together account for more than 60% of its total indebtedness, the agency said.

Further refinancing is expected over the next six to 12 months to lengthen the company's maturity profile, S&P added.

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