Fitch ups Logan Property to BB

Fitch Ratings said it upgraded Logan Property Holdings Co. Ltd.’s long-term foreign-currency and local-currency issuer default rating, senior unsecured rating and the rating on the company’s U.S. dollar senior notes to BB from BB-.

The agency also raised the rating on Logan’s subordinated perpetual capital securities to B+ from B.

“The upgrades reflect the improvement in Logan's financial profile, with Fitch expecting the company's leverage to be below 40% in the next 12-18 months and remain at this lower level because the company has sufficient land bank to support its growth,” the agency said in a press release.

The outlook is stable.

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