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S&P lowers rating for Country Garden, is wary about Forest City project

Worsening margins and leverage have lowered firm's rating from BB+ to BB

An artist's impression of the Forest City project. Expressing its caution about this project, S&P said: "We believe the sales target is somewhat ambitious ..."

Kuala Lumpur

STANDARD & Poor's Rating Services has downgraded the long-term corporate credit rating of China property developer Country Garden Holdings Co Ltd on the back of its deteriorating margins and leverage, and has expressed reservations about its ambitious Forest City project...

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