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S&P upgrades Yanlord Land's corporate credit rating

S&P Global Ratings upgraded Yanlord Land Group Ltd.'s long-term corporate credit rating to BB from BB-, with a stable outlook.

The move reflects the rating agency's opinion that the Chinese real estate developer can sustain its strong financial position over the next two to three years. S&P expects Yanlord's sales performance to be steadier despite China's administrative price-cap policies.

S&P also predicts the company's debt-to-EBITDA ratio will remain below 4x over the next two years, thanks partly to high margins on the back of disciplined land purchases.

The stable outlook was attributed to the expectation that Yanlord will continue to execute its disciplined debt-funded expansion strategy and keep its EBITDA margin above 30% over the next two years.

The agency also revised its long-term issue rating on the company's senior unsecured notes to BB- from B+.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found here.