S&P Global Ratings upgraded its long-term issuer rating on Times China Holdings Ltd. to BB- from B+, with a stable outlook.
The rating agency also raised its long-term issue rating for the company's outstanding senior unsecured notes to B+ from B.
For the next two years, S&P Global is expecting the China-based developer to maintain a significantly improved leverage that would result in growth to both its revenue and EBITDA. It anticipates the developer's EBITDA to reach the 4.3x-to-4.8x range over the two-year period.
S&P Global also noted that its stable outlook for Times China reflects its expectation that the developer will be able to balance growth in sales with steady land acquisitions, and that its leverage will stabilize to about 4.5x over the next 12 months.
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