...SINGAPORE (S&P Global Ratings) Jan. 21, 2019--S&P Global Ratings today assigned its '###-' long-term issue rating to GLP China Holdings Ltd.'s proposed Hong Kong dollar (HK$) 20 billion senior unsecured multi-currency medium-term note (MTN) program. The issue rating is one notch below the issuer credit rating on GLP China (###/Stable/--) because a significant amount of the company's senior secured debt ranks ahead of the senior unsecured MTN in terms of priority. This is indicated by our estimate that 50%-55% of GLP China's net operating income will be derived from encumbered assets over the next two years. We believe the proposed program and any subsequent drawdown will have no impact on GLP China's credit profile. This is because the company will primarily use the proceeds from the transaction to refinance debt and for general corporate purposes. The rating on GLP China, the largest logistics space provider in China, is driven by the company's status as a core subsidiary of GLP Pte. Ltd....
