S&P upgrades Kaisa, notes to BB-

Standard & Poor's said it raised its long-term corporate credit rating on Kaisa Group Holdings Ltd. to BB- from B+.

The outlook is stable.

At the same time, the agency raised its issue rating on the company's outstanding senior unsecured notes to BB- from B+ and the long-term Greater China regional scale ratings on the company and the notes to cnBB+ from cnBB.

"We upgraded Kaisa because we expect the company to maintain its good sales execution while operating on a larger scale, and cautiously manage its balance sheet leverage over the next 12 months," S&P credit analyst Christopher Lee said in a news release.

"In the past 18 months, Kaisa extended the maturity of its offshore debt due 2014-2015. We anticipate that the company's liquidity will improve this year."

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