GLP China is a core subsidiary of GLP and receives strong support from the group due to its good strategic fit. GLP China's leading market position, extensive scale of operations, and favorable access to land resource support its SACP. The company's geographic concentration and execution risk associated with debt-funded expansion temper these strengths. We are assigning our 'BBB' long-term issuer credit rating to GLP China, a provider of logistics space in China. The stable outlook on GLP China reflects the outlook on GLP and our expectation that GLP China will remain a core subsidiary of the parent over the next 24 months. On Sept. 14, 2018, S&P Global Ratings assigned its 'BBB' long-term issuer credit rating to GLP China Holdings
