Fitch revises Longfor view to stable

Fitch Ratings said it revised the outlook on Longfor Group Holdings Ltd. to stable from negative and affirmed its long-term foreign-currency issuer default rating, senior unsecured rating and the ratings on its outstanding senior notes at BBB.

“The stable outlook reflects Longfor's strengthened banking access, supported by government policies and its large, unencumbered investment-property (IP) portfolio. Fitch believes Longfor's financial flexibility remains strong despite the continuous disruption in capital-market access for the Chinese property sector,” the agency said in a press release.

Fitch added, “Longfor's onshore bank loan balance increased by CNY 22 billion in 2022 to CNY 112 billion, and we understand it has secured additional onshore bank loans in 2023, including operational loans at its IPs.

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