S&P places Greentown's (HKG:3900) rating on CreditWatch


Standard & Poor's Ratings Services has placed the following ratings on China-based property developer Greentown China Holdings (HKG:3900) on CreditWatch with positive implications: the CCC+ long-term corporate credit rating on the company, the CCC issue rating on the company's outstanding senior unsecured notes, the cnCCC+ long-term Greater China credit scale rating on the company, and the long-term cnCCC Greater China credit scale rating on the company's notes.

Standard & Poor's believes the liquidity pressure on Greentown is likely to ease following a proposed cash infusion from Wharf (HKG:0004). The ratings firm is uncertain if the cash injection will change Greentown's aggressive financial management and its high financial leverage.



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