S&P Global Ratings on Oct. 4 affirmed the B long-term issuer credit rating for China-based property company Yango Group Co. Ltd. and its parent Fujian Yango Group Co. Ltd., with a stable outlook.
Yango Group's issuer credit rating is constrained by Fujian Yango's weaker nondevelopment cash flow and profitability, as well as its stand-alone tight liquidity.
The stable outlook takes into account the rating agency's view that Yango Group will control in its spending on land acquisitions while sustaining its debt leverage.
S&P also raised Yango Group's stand-alone credit profile to "b+" from "b" as the company continues to deleverage due to its controlled pace of land acquisitions.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
