Fitch Ratings upgraded Times China Holdings Ltd.'s long-term foreign-currency issuer default rating to BB- from B+, with a stable outlook.

The rating agency also upgraded the real estate developer's senior unsecured rating and the ratings of all its outstanding bonds to BB- from B+.

The ratings action takes into account the company's expanded scale while sustaining a healthy financial profile, according to a note.

Fitch said it believes the company managed to see rapid growth within China's Guangdong province while maintaining its leverage below 40% and EBITDA margin around 20%.