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Moody's upgrades Powerlong ratings

Moody's has upgraded Powerlong Real Estate Holdings Ltd.'s corporate family rating to B1 from B2, and its senior unsecured ratings to B2 from B3, with a stable outlook.

The rating agency attributed the change to Powerlong's track record of developing and selling commercial and residential properties, its ability to generate nondevelopment revenue, which improves the stability of its debt servicing, and its expansion into higher-tier cities where demand for its properties is more favorable.

Moody's stable outlook reflects that the company will maintain growth in its contracted sales, increase malls operations to generate more rental revenue in the next 12 to 18 months, exercise caution in land acquisitions and keep adequate liquidity.