...March 22, 2021 SINGAPORE (S&P Global Ratings) March 23, 2021--S&P Global Ratings today assigned its '###-' long-term issue rating to GLP China Holdings Ltd.'s proposed issuance of U.S.-dollar-denominated senior unsecured notes under its HK$20 billion multicurrency medium-term note (MTN) program. The rating on the proposed notes is one notch below the issuer credit rating on GLP China (###/Negative/--) because a significant amount of the company's senior secured debt ranks ahead of the senior unsecured notes 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 in 2020 and 2021. The proposed issuance will extend GLP China's debt maturity profile. We believe the proposed issuance will have a limited impact on GLP China's leverage. The proceeds from the transaction will primarily go toward refinancing offshore short-term debt and for general corporate purposes. The issuer credit rating on GLP China reflects...
