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
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Research type: News
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