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Moody's revises China Vanke's outlook to stable, affirms ratings

Moody's revised its outlook on China Vanke Co. Ltd. to stable from negative, affirming its Baa1 issuer rating.

The rating agency also affirmed the (P)Baa2 backed senior unsecured rating on the medium-term note program of the company's subsidiary Vanke Real Estate Co. Ltd., and the Baa2 senior unsecured rating on the bonds issued by the unit and Bestgain Real Estate Ltd.

The revision of the outlook reflects Moody's expectation that the company's existing management team, business strategy and financial policy will continue to be in effect in the next 12 to 18 months, regardless of the future changes to the board of directors. The affirmed issuer rating also reflects China Vanke's strong record in the local property market, diversified operation and financial management.

Moody's also noted that the ratings could receive an upgrade if the company achieves a strong recurring income and maintains a low debt leverage, with adjusted net debt below 20% and revenue above 200% on a sustained basis.