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Moody's affirms Greentown China Holdings ratings, changes outlook

Moody's affirmed its ratings on Greentown China Holdings Ltd. and changed the outlook to positive from stable.

Specifically, the rating agency affirmed the Chinese property developer's Ba3 corporate family rating and the Ba3 backed senior unsecured rating on the U.S. dollar-denominated senior notes issued by the company.

Moody's said the new outlook takes into account its expectation that Greentown will sustain the improvement in its debt leverage over the next 12 to 18 months. Over the same period, the rating agency expects that Greentown will maintain financial discipline, see steady growth in contracted sales and control its debt growth while pursuing an expansion strategy.

Moody's expects the developer to log contracted sales of 125 billion yuan to 135 billion yuan over the next 12 to 18 months, while its revenue/adjusted debt and EBIT/interest are expected to remain around 60% and 2.3x, respectively.

As of Sept. 6, US$1 was equivalent to 6.84 yuan.