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S&P Global Ratings upgrades Country Garden Holdings ratings

S&P Global Ratings raised its long-term corporate credit rating on China-based property developer Country Garden Holdings Co. Ltd. to BB+ from BB, with a stable outlook.

The rating agency also raised its long-term issue rating on Country Garden's outstanding senior unsecured note to BB from BB-.

S&P Global Ratings said Country Garden is now one of the top three developers in China, and attributed the upgrade to the company's enhanced scale and market position, as well as its improved leverage thanks to a recovery in margins and fast revenue growth.

The rating agency also said the company has implemented better cost controls and realigned its employee partnership incentive scheme. These factors helped boost the company's contracted sales by 78% in 2017, and sales momentum is expected to continue in 2018. S&P Global Ratings also expects the company to improve its leverage and maintain its improved profitability over the next two years.

The stable outlook reflects S&P Global Ratings' expectation that Country Garden will continue its fast revenue growth and mild recovery in margins over the next 12 months, in addition to reducing its leverage.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.