Moody's ups Zendai outlook to stable

Moody's Investors Service said it revised the outlook to stable from negative of Shanghai Zendai Property Ltd.'s B2 corporate family and senior unsecured ratings.

"The outlook change reflects the improvement in Zendai's credit and liquidity profiles resulting from the achievement of its planned sales for 2009," said Kaven Tsang, Moody's AVP/analyst and lead analyst for Zendai.

"Meanwhile, the company's proposed equity placement of about HK$600 million will provide additional liquidity for its upcoming growth and enhance its capital structure," added Tsang.

The stable outlook also takes into account the company's track record of prudent management of its business and land acquisitions, such that its financial profile was not adversely affected during the last downcycle, Moody's said.

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