S&P ups Country Garden

Standard & Poor’s said it raised its long-term corporate credit rating on Country Garden Holdings Co. Ltd. to BB+ from BB. The outlook is stable.

At the same time, S&P raised its issue rating on the company’s outstanding senior unsecured notes to BB+ from BB. S&P also raised the long-term Greater China regional scale ratings on the company and the notes to cnBBB+ from cnBBB.

“We upgraded Country Garden because we expect the company to maintain steady growth in contracted sales while operating on a larger operating scale. We also anticipate that the company’s leverage is unlikely to deteriorate from its increased level over the next 12 months,” said S&P credit analyst Christopher Yip in a news release.

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