S&P lifts China Resources

Standard & Poor’s said it raised the long-term corporate credit rating on China Resources Land Ltd. to BBB+ from BBB.

The agency also said it raised the rating on the company’s outstanding senior unsecured notes to BBB+ from BBB and affirmed the cnA+ long-term Greater China regional scale rating on the company and the outstanding notes.

The outlook is stable.

The upgrades reflect an expectation that the company’s operating scale will significantly increase over the next two years following an asset injection by its parent, S&P said.

The agency also said it expects the company to significantly increase its recurring income from investment properties over the next two years, providing greater stability to its earnings and cash flow.

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