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S&P assigns rating to China's Seazen Holdings

S&P Global Ratings assigned Seazen Holdings Co. Ltd. a BB long-term issuer credit rating, with a stable outlook.

The rating and outlook on the Chinese real estate developer correspond to those of its parent, Seazen Group Ltd., formerly Future Land Development Holdings Ltd. Seazen Holdings' revenue and assets account for over 98% of the parent company's consolidated figures, while its adjusted debt is around 90%, according to the Jan. 8 report from the rating agency.

S&P believes that Seazen Holdings' contracted sales growth will be flat in 2020 due to insufficient land acquisitions in 2019. The company's revenue recognition is gradually expected to rise over the next two years, with expectations of strong growth from a lower base in its investment properties portfolio and rental income, the rating agency said.

The company is expected to carry out a vast majority of Seazen Group's core operating activities while the parent company sources additional capital from an offshore financing platform.

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.