Moody's upgrades Wuhan Urban

Moody's Investors Service said it upgraded Wuhan Urban Construction Group Co., Ltd.'s issuer rating and senior unsecured rating to Baa2 from Baa3. Moody's also changed the rating outlook to stable from positive.

"The upgrade reflects Wuhan Urban Construction's strengthened strategic importance to the Wuhan government, as indicated by its expanded asset base and new role as the sole platform to execute Wuhan's urban upgrade strategy," says Cedric Lai, a Moody's vice president and senior analyst, in a press release.

The stable outlook reflects China’s stable outlook, that Wuhan’s government will remain stable and that the company's business profile and integration with the Wuhan government will be mostly unchanged for the next 12-18 months, Moody’s said.

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