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S&P withdraws Tahoe Group's credit rating

At Tahoe Group Co. Ltd.'s request, S&P Global Ratings withdrew its long-term issuer credit rating that was downgraded to B- from B on May 9.

The rating agency also withdrew its CCC+ long-term issue rating on the Chinese property developer's guaranteed senior unsecured notes.

The stable ratings outlook at the time of withdrawal reflects S&P's expectation that Tahoe will proactively manage its liquidity by improving cash collection and controlling land purchases. S&P also anticipates that the developer will move away from alternative financing over the next year to improve its leverage and capital structure.

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 here.