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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

Published Thu, Mar 17, 2016 · 09:50 PM

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 in Iskandar Malaysia.

The developer's rating and outstanding senior unsecured notes were lowered from BB+ to BB on Thursday.

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