Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for CIFI Holdings (Group) Co. Ltd. > News item |
Moody’s upgrades CIFI
Moody’s Investors Service said it upgraded the corporate family rating of CIFI Holdings (Group) Co. Ltd. to Ba2 from Ba3. Moody’s also raised the senior unsecured debt rating on its notes to Ba3 from B1. The agency revised the outlook to stable from positive.
“The upgrade reflects our expectation that CIFI’s credit metrics will improve over the next 12-18 months, supported by strong revenue growth and controlled debt growth,” said Cedric Lai, a Moody’s vice president and senior analyst, in a press release.
Moody’s said it forecasts CIFI’s debt leverage, as measured by revenue/adjusted debt, will improve to 65%-75% over the next 12-18 months, from 46% for the 12 months ended June. “This is driven by Moody’s expectation for robust revenue recognition on the back of the company’s strong contracted sales over the past two to three years, as well as its disciplined approach to pursuing growth and controlling debt increase,” the agency said.
The outlook reflects the view CIFI will continue to adopt disciplined financial management to achieve its business plan and maintain good liquidity over the next 12-18 months, Moody’s said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.