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Agile Group Holdings Ltd.’s Proposed U.S. Dollar Senior Unsecured Notes Assigned ‘BB’ Rating

          HONG KONG (S&P Global Ratings) July 11, 2018--S&P Global Ratings today assigned its 'BB' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Agile Group Holdings Ltd. (BB/Stable/--). Agile intends to use the net proceeds primarily to refinance existing debt. The rating is subject to our review of the final issuance documentation. 
          We equalize the issue rating to the issuer credit rating on Agile because the proposed notes are not significantly subordinated to other debt in the company's capital structure. Agile's capital structure consists of Chinese renminbi (RMB) 31.0 billion of secured debt, RMB33.8 billion of unsecured debt and other borrowings issued by the company, and RMB5.0 billion of unsecured debt issued by the company's subsidiaries. Agile has further drawn down parent-level syndicated loans of Hong Kong dollar (HK$) 8.8 billion and US$200 million in 2018.
          The stable outlook on the issuer credit rating reflects our expectation that Agile will maintain steady sales growth and good margins in 2018, with contracted sales increasing by about 15% in the first half of the year. We also believe that the company will only moderately increase its leverage over the period because its margins and fast revenue growth will offset the impact of rising expenditure.