S&P flags Guangzhou R&F for further rating downgrade

Singapore

WEAKENING cashflows and rising debts are putting the credit ratings of Hong Kong-listed Chinese developer Guangzhou R&F Properties Co - which is seeing slower sales in its home ground and Iskandar Malaysia - at risk of further downgrades.

Standard & Poor's (S&P) said on Tuesday that it has placed its 'BB-' long-term corporate credit rating on "CreditWatch with negative implications". Its decision on whether to downgrade the rating will be made within the next three months.