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Bulletin: Rating And Outlook On SRE Group Ltd. Unaffected By Capital Injection Into China New Town Development Jul 09
Standard & Poors, July 2009
Abstract
HONG KONG (Standard & Poor's) July 29, 2009--Standard & Poor's Ratings Services said today that the rating and outlook on SRE Group Ltd. (B/Negative/--) are not affected by its proposed subscription of a total of Hong Kong dollar (HK$) 464.4 million in convertible bonds and equity of its affiliate, China New Town Development Co. Ltd. (CNTD; not rated). We expect SRE to fund the capital injection internally. CNTD is expected to use the proceeds to repurchase its speculative-grade notes. The rating on SRE has factored in our expectations of SRE providing financial assistance to CNTD. We view SRE and CNTD as a group and we fully consolidated CNTD in the calculation of SRE's credit ratios. While the group has reduced...
Companies mentioned in this report are: SRE Group Ltd.
Action: Bulletin
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 an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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