S&P Global Ratings has given a B- long-term issue rating to Seazen Group's (HKG:1030) proposed US dollar senior unsecured notes, according to a Thursday release.

The notes' rating is a notch lower than the group's issuer credit rating due to subordination risk, S&P said.

The issuer's rating has a negative outlook, as S&P sees a possible erosion in its contracted sales over the next year given a persistent market slowdown as well as further liquidity reduction.

However, S&P expects the company to retain funding access as it pledges its commercial properties, lowering refinancing risks.