Moody's lifts Longfor to Baa3

Moody's said it upgraded Longfor Properties Co. Ltd.'s corporate family rating to Baa3 from Ba1 and its senior unsecured rating to Ba1 from Ba2.

The outlook is stable.

“The ratings upgrade reflects our expectation that Longfor will maintain its current strong credit metrics through a moderate pace of sales growth, cautious land acquisitions, and prudent financial management in the next 12-18 months,” said Stephanie Lau, a Moody's assistant vice president and analyst, in a news release.

“The company's growing rental income, which will enhance its debt servicing ability, also supports the upgrade,” Lau said.

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