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Moody's affirms China Evergrande rating, revises outlook

Moody's affirmed its B2 corporate family rating on China Evergrande Group and revised its ratings outlook for the company to stable from negative.

The rating agency attributed the affirmation to the company's strong market position, solid sales execution, low-cost land bank, as well as its nationwide coverage in China.

Meanwhile, the outlook revision was linked to an improvement in China Evergrande's liquidity position as a result of active debt maturity management and strong contracted sales performance. The company raised 70 billion Chinese yuan in capital from investors from December 2016 to June 2017.

Moody's expects China Evergrande to continue to improve its credit metrics through "a combination of strong contracted sales, efficient cash collection and slow debt growth."

As of June 2, US$1 was equivalent to 6.82 Chinese yuan.