Fitch Ratings affirmed its long-term foreign currency issuer default rating and senior unsecured rating on Sino-Ocean Group Holding Ltd. at BBB-, with a stable outlook.
The rating agency also upgraded the company's stand-alone rating to BB+ from BB, reflecting the Hong Kong-listed property developer's stronger business profile, owing to a healthy leverage of below 40%.
Fitch attributed the upgrade of the stand-alone rating to the support Sino enjoys from its 29.79% stakeholder China Life Insurance Co. Ltd., as Sino is essentially the sole strategic real estate investment platform of the insurance company in China.
Other key rating drivers included the company's diversified land bank, its target of boosting total contracted land sales by 42% to 100 billion yuan in 2018, and its high-quality investment properties, among other factors.
As of July 2, US$1 was equivalent to 6.66 yuan.