Moody's assigned its Baa3 issuer rating to Longfor Properties Co. Ltd. and withdrew its Baa3 corporate family rating on the company, concluding its review for upgrade of the company's senior unsecured debt rating initiated Oct. 27.
The outlook is stable.
The rating agency also upgraded the senior unsecured debt ratings on the bonds issued by the company to Baa3 from Ba1.
The rating reflects the company's strong brand name, good geographic diversification and resilient sales growth through cycles, the rating agency said, adding that the action reflects its view that the ratings of the company are unaffected by structural subordination to claims at the operating company level.
The stable outlook reflects the rating agency's expectation that Longfor will maintain its prudent sales growth, stable credit metrics, growth in rental income and strong liquidity position over the next 12-18 months.