Moody’s revises Yuzhou to positive

Moody's Investors Service said it changed the outlook of Yuzhou Properties Co. Ltd. to positive from stable and affirmed the B1 corporate family rating and the senior unsecured ratings on its issued bonds – $250 million bonds due 2019; $300 million bonds due 2019; and $250 million bonds due 2023.

"The change in outlook reflects Yuzhou's strong sales execution, which could in turn improve its debt leverage," Franco Leung, Moody's vice president, senior credit officer and international lead analyst for Yuzhou, said in a news release.

Yuzhou achieved strong contracted sales year-on-year growth of 77% to RMB 21.6 billion in the period of January to November 2016 and it will fulfill its full-year target of RMB 22 billion, the agency added. This level is comparable to some of the company's Ba3-rated Chinese property peers.

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