S&P revises Zoomlion outlook to positive

S&P said it revised the outlook on Zoomlion Heavy Industry Science and Technology Co. to positive from stable citing “significantly” better than expected profits in the first half of the year. S&P also affirmed its long-term issuer credit rating and long-term issue rating of B.

The agency said the outlook reflects its position that leverage will decline over the next 12-24 months.

S&P sees Zoomlion generating annual free operating cash flow of RMB 5.5 billion to 7 billion in 2019-2020.

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