Moody’s upgrades Longfor

Moody’s Investors Service said it upgraded Longfor Group Holdings Ltd.’s issuer and senior unsecured ratings to Baa2 from Baa3. The agency also changed the outlook to stable from positive.

“The upgrade reflects Longfor’s demonstrated ability to maintain a strong operating and financial performance throughout the cycles,” said Kaven Tsang, a Moody’s senior vice president, in a press release.

“It also reflects the company’s disciplined and prudent financial management while pursuing growth over the past decade and its growing recurring rental income, which will strengthen its cash flow stability and solidify its position at the Baa2 rating level,” added Tsang.

The outlook reflects the expectation that Longfor’s financial metrics will be sustained at levels appropriate for its Baa2 issuer rating over the next 12-18 months, Moody’s said.

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