(The following matter was expelled by a rating agency)
Jul 10 -
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Summary research — Yanlord Land Group Ltd. ———————– 10-Jul-2012
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CREDIT RATING: BB-/Negative/– Country: China
Primary SIC: Real estate
agents and
managers
Mult. CUSIP6: 98482L
Mult. CUSIP6: 984832
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Credit Rating History:
Local banking Foreign currency
05-Mar-2012 BB-/– BB-/–
19-Apr-2010 BB/– BB/–
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Rationale
Our rating on Yanlord Land Group Ltd. reflects a company’s thoroughness in
the high-end residential sector, a tiny handling scale, assertive
debt-funded expansion, augmenting leverage, and a singular prominence of a
recovery in skill sales in China. In addition, Yanlord has some vast debt
maturities in 2012-2013. The company’s good marketplace position and code
recognition in high-end skill projects, and record of account lifting and
financial coherence rage a above weaknesses.
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