S&P upgrades Intime Retail

Standard & Poor's said it raised the long-term corporate credit rating on Intime Retail (Group) Co. Ltd., along with the rating on its senior unsecured notes to BB from BB-.

The outlook is stable.

S&P also said it raised the long-term Greater China regional scale rating on the company and the notes to cnBBB- from cnBB+.

The upgrades reflect a view that Intime's business risk profile has improved over time, given its enlarged operating scale and more geographically diversified store network in the country, the agency said.

The agency also said it expects the company to have good growth prospects supported by strong overall growth in retail sales in Zhejiang and in China.

S&P also said it expects Intime will sustain its healthy cash flow generation and profitability.

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