Bulletin: Rating And Outlook On SRE Group Ltd. Are Not Immediately Affected By Haikou Acquisition Aug 08
Standard & Poors, August 2008
Abstract
HONG KONG (Standard & Poor's) Aug. 11, 2008--Standard & Poor's Ratings Services said today that the rating and outlook on SRE Group Ltd. (B+/Stable/--) are not immediately affected by the company's acquisition of a land bank in Haikou for Chinese renminbi (RMB) 1.1 billion. While we see material execution risks for SRE, given the scale of the project and because Haikou is a new market for the company, these could be partly offset by its cooperation with a local partner and local government involvement. There is no immediate liquidity pressure, due to SRE's cash holdings of RMB1.85 billion (unchanged from end-2007) and presales of RMB1.4 billion at the end of June 2008. The acquisition of the Haikou land bank will...
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
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SRE Group Ltd.
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