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S&P affirms Redco Properties ratings

S&P Global Ratings affirmed its B long-term issuer credit rating on Redco Properties Group Ltd. and the B long-term issuer ratings on the company's senior unsecured notes, with a stable outlook.

The affirmation takes into account S&P's view that the Chinese residential and commercial property developer will see stable gross profit and strong contracted sales growth within the next two years, in part because of substantially greater scale through more joint venture projects. The rating agency added that it expects the company to reach its sales target in 2019.

The stable outlook factors in S&P's expectation that the company will see continued growth in operating scale, as well as maintain stable profitability and control over its debt leverage in the next two years.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.