Moody's rates Yango Group B2

Moody's Investors Service said it assigned a first-time B2 corporate family rating to Yango Group Co., Ltd.

The outlook is stable.

Yango's B2 corporate family rating reflects the company's strong sales execution, large scale and good track record in Fujian Province and the Yangtze River Delta, Moody's said.

Yango has strong sales execution ability, enabling it to grow to a scale larger than most single B-rated Chinese property developers, the agency said.

The company maintains a market-leading position in the Fuzhou property market and has ranked as the top developer in terms of sales amounts and area for the past five years, Moody's said.

The ratings are constrained by the company's weak financial metrics due to its sizable debt-funded land acquisitions and expansion into new regions, the agency said.

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