Moody's ups Chaoda view to stable

Moody's Investors Service said it revised the outlook to stable from negative for Chaoda Modern Agriculture (Holdings) Ltd.'s Ba2 corporate family rating and foreign-currency debt rating. This action follows the release of the company's full-year financial results.

The agency noted the clean bill of health issued by Chaoda's auditors for its 2007 accounts and the delivery of another year of strong financial performance, which is in line with expectations.

Furthermore, Chaoda has demonstrated its execution capability in managing its growth strategy in various parts of China over the last few years, Moody's said. The company successfully expanded its overall plantation area by about 30% in 2007, while keeping capital expenditures within guidance, the agency said.

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