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Moody's affirms Yuexiu ratings, revises negative outlook to stable

Moody's affirmed its Baa3 issuer rating on Yuexiu Property Co. Ltd. and changed its outlook on the Hong Kong-based real estate developer to stable from negative.

The rating agency also affirmed Yuexiu's provisional (P)Baa3 senior unsecured rating for its medium-term note program.

The affirmation on Yuexiu's issuer rating was attributed to Moody's expectation that the property company's standalone credit profile will remain stable, owing to the robust growth in its contracted sales, increasing revenue and EBIT, along with stronger equity base. Moody's said these factors will help offset the effects of rising debt amid its expansion plans.

Meanwhile, Moody's upgraded its outlook on the company as it expects its controlling shareholder, Guangzhou Yuexiu Holding Ltd., to gradually improve its credit profile over the next 12-18 months, boosting Guangzhou Yuexiu's capacity to provide support to Yuexiu.