Fitch applies B to Yango

Fitch Ratings said it assigned Yango Group Co., Ltd. a long-term foreign-currency issuer default rating of B with a positive outlook.

Fitch said the ratings are supported by Yango’s large, good-quality land bank that is comparable to those of BB category homebuilders and its growing business scale, especially after changes in its top management in the first half of 2017.

“Its ratings are constrained by its high leverage, as measured by net debt/adjusted inventory, of 69% at end-1H17, which Fitch expects to increase in 2017. The company's churn rate, as measured by contracted sales/gross debt, has also been low at below 1.0x in the past few years,” the agency said in a news release.

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