S&P: Country Garden view to positive

Standard & Poor's said it revised the outlook on Country Garden Holdings Co. Ltd. to positive from stable.

At the same time, the agency affirmed its BB long-term corporate credit rating on Country Garden and the BB- issue rating on the company's outstanding senior unsecured notes.

Because of the outlook revision, S&P raised its long-term Greater China regional scale ratings on the company to cnBBB from cnBBB- and that on the notes to cnBBB- from cnBB+.

The agency said it revised the outlook to reflect its view that Country Garden's competitive position has strengthened because of the company's strong execution, materially expanded scale and improving geographic diversification.

S&P said it also expects the company to manage cash flow and leverage with discipline while pursuing rapid growth.

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