S&P ups Country Garden

S&P 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 the long-term issue rating on the company's outstanding senior unsecured note to BB from BB-.

“We raised the rating on Country Garden to reflect the company's significantly enhanced scale and market position. Its leverage has also improved due to a recovery in margins and fast revenue growth, which offset the pressure from its increased capital spending,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.