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S&P assigns first-time rating to Zhongliang Holdings Group

S&P Global Rating assigned first-time ratings to China's Zhongliang Holdings Group Co. Ltd.

The rating agency said Aug. 8 that it assigned the company a long-term issuer credit rating of B+, with a stable outlook.

The rating reflects Zhongliang Holdings Group's high exposure to lower-tier cities, low profit margins, untested ability in higher-tier cities, and small land bank, the rating agency said. The rating also reflects the company's high financial leverage and uneven capital structure, with material exposure to nonbank financing and short-term debt.

These weaknesses are tempered by the Chinese property developer's strong sales execution and cash collection, well-managed liquidity, and good record in the Yangtze River Delta, Ratings added.

The stable outlook reflects the rating agency's view that Zhongliang Holdings Group will continue to grow its contracted sales and revenue, and maintain stable leverage while improving its funding channels and costs over the next 12 months.

Rating expects the property developer to continue to operate with high but stable leverage, despite some improvement in 2019. The rating agency also anticipates some improvement in the diversification of the company's capital structure and funding costs.

As of Aug. 8, US$1 was equivalent to 7.04 Chinese yuan.

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.