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S&P affirms Seazen Group, removes ratings from CreditWatch

S&P Global Ratings affirmed Seazen Group Ltd.'s ratings and removed them from CreditWatch, where they were placed with negative implications in July.

The rating agency said Dec. 18 that it affirmed its BB long-term issuer credit rating and BB- long-term senior unsecured issue rating on the Chinese real estate development group, formerly known as Future Land Development Holdings Ltd.

The outlook is stable.

Ratings said the group has managed the negative repercussions from the detention of its former chairman and executive director, Wang Zhenhua, in July. It expects the group's debt growth to be moderate in the next 12 to 18 months, due to limited financing, while funding costs on new bank borrowings are expected remain high over the next year.

The company's leverage is expected to gradually increase in the next 18 to 24 months, owing to potential construction capital expenditure and land replenishment.

The stable outlook reflects Ratings' expectation that Seazen Group will maintain steady sales and its current operating scale over the next 12-18 months.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found in the sources section.