S&P lifts Kerry outlook

Standard & Poor's said it revised the outlook on Kerry Properties Ltd. to positive from stable.

At the same time, the agency said it affirmed the BBB- long-term corporate credit rating on Kerry and the BBB- issue rating on the company's outstanding senior unsecured notes.

The agency said it also affirmed its cnA- long-term Greater China regional scale ratings on Kerry and the notes.

"We revised the outlook to reflect the potential improvement in the asset quality of Kerry's investment property portfolio and its expanding recurring income base over the next two years if the company can smoothly ramp up its newly completed project, Shanghai Jing An Kerry Center," said S&P credit analyst Bei Fu in a news release.

"The outlook revision also reflects our expectation that Kerry's property sales in China will improve, due to the company's enlarged project portfolio and stabilizing conditions in the Chinese residential property market."

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