Moody's ups China Overseas Land

Moody's Investors Service said it upgraded China Overseas Land & Investment Ltd.'s issuer rating to Baa1 from Baa2.

At the same time, Moody's upgraded to Baa1 the senior unsecured ratings assigned to the bonds issued by China Overseas Finance (Cayman) II Ltd., China Overseas Finance (Cayman) IV Ltd. and China Overseas Finance (Cayman) V Ltd.

All these bonds are guaranteed by China Overseas Land.

The outlook is stable.

"The upgrade reflects COLI's strong and sustainable operating position, as evidenced by its property sales which have consistently exceeded its business targets through various business cycles," Moody's vice president and senior analyst Kaven Tsang said in a news release.

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