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S&P revises outlooks on China's Greenland Holdings, unit to positive

S&P Global Ratings revised its outlooks on Greenland Holdings Corp. Ltd. and unit Greenland Hong Kong Holdings Ltd. to positive from stable and affirmed the companies' ratings.

The rating agency on Oct. 11 said it affirmed its BB long-term issuer credit rating on Greenland Holdings, BB- long-term issuer credit rating on Greenland Hong Kong and BB- long-term issue rating on the outstanding senior unsecured notes guaranteed by Greenland Holdings.

The outlook revision reflects Greenland Holdings' prudent approach to debt-funded expansion that resulted in faster deleveraging than Ratings' expectations. Further, the Chinese real estate development company's earnings growth and positive cash generation will likely support further deleveraging over the next 12 to 18 months, the rating agency said.

The agency said it expects Greenland Holdings' land spending at between 25% and 30% of contracted sales in 2019 and 2020.

Greenland Hong Kong's positive outlook indicates its strategic importance to the parent company. Greenland Holdings is expected to remain the controlling shareholder of Greenland Hong Kong, with a control on the its management and strategy.

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 in the sources section.