S&P revises Shimao view to positive

S&P said it revised the outlook for Shimao Group Holdings Ltd. to positive from stable.

“We revised the outlook to positive to reflect our expectation that Shimao will continue to demonstrate strong sales execution and stable profitability. Through consistent sales growth and stable project delivery, we expect the company will gradually deleverage to a consolidated debt-to-EBITDA ratio of 3.6x-3.8x over the next two years,” S&P said in a press release.

In the first seven months of 2020, Shimao’s contracted sales rose 16% compared with the same period in 2019, the agency said.

S&P also affirmed Shimao’s BB+ issuer rating and the BB rating on its senior unsecured notes.

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