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SRE Group Ltd. Rating Lowered To 'B' On Increased Support For Financially Weak Associate; Outlook Negative Mar 09 Product Image

SRE Group Ltd. Rating Lowered To 'B' On Increased Support For Financially Weak Associate; Outlook Negative Mar 09

  • Published: March 2009
  • Standard & Poors

FEATURED COMPANIES

Abstract
HONG KONG (Standard & Poor's) March 10, 2009--Standard & Poor's Ratings Services said today that it had revised its long-term corporate credit rating on SRE Group Ltd. to 'B' from 'B+'. The outlook is negative. At the same time, Standard & Poor's lowered the issue rating on the company's US$200 million senior unsecured notes due 2013 to 'B-' from 'B'. "The rating revision reflects the likelihood that SRE will increase its financial support for its financially weak associate China New Town Development Co. Ltd. [CNTD; not rated]," said Standard & Poor's credit analyst Christopher Lee. This follows SRE's announcement on March 5, 2009, that it will subscribe to new shares issued by CNTD, which will effectively increase its stake to...

Companies mentioned in this report are: SRE Group Ltd.
Action: Downgraded
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying READ MORE >

SRE Group Ltd.

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