Research Update: Yanlord Land Group Ltd. Lowered To 'BB-' Due to Weakened Sales And Capital Structure; Outlook Negative Mar 12
- Language: English
- Published: March 2012
The contracted sales of Yanlord, a China-based real estate developer, were weaker than we expected in 2011, and we do not see signs of improvement in 2012. In our view, Yanlord's sales performance highlights the company's weaker-than-expected sales execution and high project and geographic concentration risks. We are lowering our long-term corporate credit rating on Yanlord to 'BB-' from 'BB'. We are also lowering the rating on the company's outstanding senior notes to 'B+' from 'BB'. The negative outlook reflects our expectation that Yanlord's liquidity may deteriorate if property sales are weaker than our expectation. HONG KONG (Standard & Poor's) March 5, 2012--Standard & Poor's Ratings Services today lowered its long-term corporate credit rating on China-based property developer Yanlord Land...
Companies mentioned in this report are: Yanlord Land Group Ltd.
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 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.
SHOW LESS READ MORE >
Yanlord Land Group Ltd.