Moody’s lifts Agile to stable

Moody's Investors Service said it revised Agile Group Holdings Ltd.’s outlook to stable from negative.

The agency also said it affirmed Agile's Ba3 corporate family rating and B1 senior unsecured ratings.

The outlook change reflects the consideration that Agile's refinancing risk has fallen due to its improved level of pre-sales and demonstrated access to both onshore and offshore debt markets, Moody’s said.

Agile's liquidity position improved in the first half of 2016 as evidenced by an increase in cash holdings to RMB 20.2 billion as of June 2016 from RMB 13.1 billion as of December 2015, the agency said.

The improvement was due to the company's pre-sales growth of 37% year-on-year in the first half of 2016, Moody’s said.

The agency also said it expects growth of 10% to 15% in the next 12 to 18 months.

Agile's positive performance also has strengthened its access to the debt markets, Moody’s added.

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