S&P upgrades Future Land

S&P said it raised its long-term issuer credit rating on Future Land Development Holdings Ltd. to BB from BB-.

The outlook is stable.

At the same time, the agency raised the long-term issue rating on the outstanding senior unsecured notes to BB- from B+.

“We upgraded Future Land because we expect the company to continue its current strong expansion momentum and further improve its end-market diversity in the coming 12 months,” S&P said in a news release.

“We also anticipate that Future Land will maintain good profitability in the next two years due to strong growth in average selling price (ASP) and effective control over construction costs.”

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