Moody’s ups Country Garden

Moody’s Investors Service said it assigned Baa3 issuer rating to Country Garden Holdings Co. Ltd. and withdrew its Ba1 corporate family rating. Simultaneously, Moody’s upgraded the company’s senior unsecured bond rating to Baa3 from Ba2.

The upgrade reflects a stronger credit profile, improved credit diversification, improved geographic distribution of property development projects and more operating subsidiaries generating cash flow, Moody’s said.

The agency revised the outlook to stable from positive.

“The stable outlook reflects Country Garden’s good liquidity, underpinned by its strong operating cash flow and good access to both the onshore and offshore capital markets,” Moody’s said in a press release.

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