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S&P upgrades Yanlord
S&P said it raised the long-term corporate credit rating on Yanlord Land Group Ltd. to BB from BB-.
The outlook is stable.
The agency also raised the long-term issue rating on the company's outstanding senior unsecured notes to BB- from B+.
S&P said it believes the company will sustain its strong financial position over the next two to three years, driven by continued high profitability and good financial discipline.
The agency also said it expects Yanlord's contracted sales performance to be steadier over the next 12 months after a decline in 2017.
S&P also said it believes Yanlord will maintain a disciplined approach in its expansion strategies.
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