Moody's upgrades Yango

Moody's Investors Service said it upgraded Yango Group Co., Ltd.'s corporate family rating to B1 from B2 and the backed senior unsecured rating on the notes issued by Yango Justice International Ltd. and guaranteed by Yango to B2 from B3. The outlook is stable.

"The upgrade reflects our expectation that Yango will continue to strengthen its financial profile by further improving its debt maturity profile, limiting debt growth and maintaining discipline in its land acquisitions," said Celine Yang, a Moody's assistant vice president and analyst, in a press release.

Yango's improved debt maturity profile also helped reduce funding risk, with its short-term debt accounting for 28% of total reported debt at Sept. 30, down from 43% at Dec. 31, 2018.

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