Fitch upgrades Yango

Fitch Ratings said it upgraded Yango Group Co., Ltd.’s long-term foreign-currency issuer default rating to B+ from B, and its senior unsecured rating to B from B- with a recovery rating of RR5.

“The upgrade reflects the sustained improvement in Yango’s financial profile since 2018. Its leverage, measured by net debt/adjusted inventory, improved to 63.8% by end-1H19 from 71.6% at end-2017, as Yango cut back on its land acquisition in line with its slower scale expansion after its attributable contracted sales reached a sufficiently large RMB118 billion in 2018,” said Fitch in an news release.

The outlook is stable.

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