S&P ups Evergrande, view stable

Standard & Poor's said it revised the outlook on Evergrande Real Estate Group Ltd. to stable from negative.

At the same time, S&P affirmed the BB long-term corporate credit rating on Evergrande and the BB- issue rating on the company's outstanding senior unsecured notes.

As a result of the outlook revision, the agency raised its Greater China credit scale rating on Evergrande to cnBBB- from cnBB+ and that on the notes to cnBB+ from cnBB.

"We revised the outlook to reflect our view that a negative U.S. research report on the company in June last year has no long-term implications and that Evergrande will be less aggressive about funding growth with debt this year," S&P credit analyst Bei Fu said in a news release. "We expect the company's sales execution to remain strong over the next 12 months, at least."

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