Greenland unit debt gets BBB long-term rating

    Greenland Global Investment, a unit of China’s Greenland Holding Group, has been given a BBB long-term rating by Standard & Poor’s for a proposed sale of U.S. dollar-denominated senior unsecured notes.
    Greenland, which is one of four companies short-listed for a casino license in Brisbane, Australia, said it will use the proceeds from the note sale to finance overseas investments.
    The rating reflects the group’s strong market position and sales execution in property development, its strong ties with the Shanghai government and good financial flexibility, S&P said.
    However, the ratings agency also noted that the group has lower profitability than its peers because of its weak energy business and aggressive debt-funded expansion.
    S&P defines a BBB rating as having adequate capacity to meet financial commitments, but being more subject to adverse economic conditions.