S&P cuts Yanlord's rating to negative

Outlook downgraded because of uncertainty over China-based property developer's recovery prospects in 2015


STANDARD & Poor's (S&P) Ratings Services said on Wednesday that it has revised its outlook on Yanlord Land Group to negative from stable.

It also affirmed its BB- long-term corporate credit rating on the China-based property developer and its BB- long-term issue rating on the company's outstanding senior unsecured notes. As a result of the revision, S&P lowered its long-term Greater China regional scale ratings on Yanlord and the notes to cnBB from cnBB+.

"We revised the outlook because Yanlord's high-end product positioning casts uncertainty over the company's recovery prospects in 2015, and we believe this could weaken its cash-flow adequacy and leverage," said Standard & Poor's credit...

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