TEXT-S&P cuts Hopson Development to 'B-', keeps on watch neg
(The following statement was released by the rating agency)
May 31 -
-- We believe Hopson's liquidity will remain weak due to its weak sales execution and large cash outlays.
-- In our view, the China-based real estate developer faces heightened refinancing risks on its offshore notes due in November 2012.
-- We are lowering our long-term corporate credit rating on Hopson to 'B-' from 'B' and our issue rating on the company's senior unsecured notes to 'CCC+' from 'B-'.
-- We are keeping the ratings on Hopson and on the notes on CreditWatch with negative implications.
On May 31, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on China-based Hopson Development Holdings Ltd. to 'B-' from 'B'. We also lowered our issue rating on the company's senior unsecured notes to 'CCC+' from 'B-'. At the same time, we lowered our Greater China credit scale rating on Hopson to 'cnB' from 'cnBB-' and on the notes to 'cnB-' from 'cnB+'. We kept the ratings on Hopson and on the notes on CreditWatch, where they were placed with negative implications on April 3, 2012.
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