S&P Rates Seazen Group's Proposed US Dollar Notes B

MT Newswires Live09-23

S&P Global Ratings has placed a B- long-term issue rating on Seazen Group's (HKG:1030) and Season Holdings' (SHA:601155) proposed US dollar senior unsecured notes, according to a Tuesday release.

The companies will be the guarantors for the notes, which will be issued by New Metro Global, a special purpose financing vehicle of Seazen Group.

The notes' rating is a notch lower than Seazen Group's issuer credit rating due to subordination risk.

The company's ratio of secured debt to total debt hit 84.4% as of June 30, which is above S&P's 50% threshold for notching down the issue rating.

The negative outlook on the companies' rating stems from expectations that contracted sales could decline in the next year amid a lingering property market slowdown and that the liquidity buffer will further weaken.

However, S&P forecasts steady rental income and continued funding access through the use of commercial properties as collateral.

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