S&P: Confirms that the long-term issuer credit rating outlook of New City Development (01030.HK) and New City Holdings (601155.SH) has been revised from "positive" to "stable"

On May 21, Standard & Poor's revised the credit outlook of Seazen Group Ltd. (referred to as "Seazen Group" 01030.HK) and Seazen Holdings Co. Ltd. (referred to as "Seazen Holdings" 601155.SH) from "Negative" to "Stable". At the same time, Standard & Poor's also confirmed the long-term issuer credit rating of these two companies as "B" and the issuance rating of Seazen Group's US dollar senior unsecured notes guaranteed by Seazen Group as "B-".