S&P upgrades Powerlong

S&P said it raising its long-term issuer credit rating on Powerlong Real Estate Holdings Ltd. to BB- from B+ and raised the issue rating on the company's outstanding senior unsecured notes to B+ from B.

The outlook is stable.

“We upgraded Powerlong because we expect the company's solid sales execution, better profitability than peers', and increasing recurring income from investment properties to sustain its improved financial profile over the next 12 months,” S&P said in a news release.

“Powerlong's margins are likely to decline over the next one to two years, but will remain materially higher than peers'.”

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