S&P revises GLP, GLP China views to negative

S&P said it revised the outlooks for GLP Pte. Ltd. and its subsidiary GLP China Holdings Ltd. to negative from stable. S&P also affirmed its BBB long-term issuer credit rating on GLP and GLP China, and the BBB- long-term issue rating on the senior unsecured notes issued by the two companies.

“The outlook revision reflects our view that ongoing high capital expenditure (capex) and a delay in asset sales in China will slow GLP’s plan to reduce debt. Despite the recent sales of stakes in funds to Blackstone in the U.S., we estimate the company’s debt reached $13.2 billion in 2019, against our previous estimate of $12.7 billion,” said S&P in a press release.

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