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BULLETIN: Shanghai Real Estate Ltd. Rating Unaffected By US$50 Mil. Rise In Proposed Bond Size Apr 06
Standard & Poors, April 2006
Abstract
HONG KONG (Standard & Poor's) April 11, 2006--Standard & Poor's Ratings Services said today that its long-term corporate credit rating on Shanghai Real Estate Ltd. (SRE; BB-/Stable/--) would not be affected by a US$50 million increase in a proposed seven-year bond to be issued by the company. The issue size is now US$200 million. According to management, the additional proceeds will be used to refinance SRE's existing bank loans at the subsidiary level. While this refinancing will not affect the company's financial parameters, it will increase its interest expenses. The rating on SRE factors in Standard & Poor's expectation that the company will maintain a disciplined growth strategy. If its land acquisitions prove increasingly aggressive, there could be downward pressure...
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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