S&P changes Longfor outlook to stable

S&P said it changed its outlook for Longfor Group Holdings Ltd. to stable from negative and affirmed the BBB- issuer and BB+ senior unsecured notes ratings.

“We revised the rating outlook to stable to reflect Longfor's increasing liquidity buffer. The company's funding channels, especially access to bank funding, have strengthened, in our view. This follows a series of supportive measures by the Chinese government for select property developers since the beginning of November 2022,” the agency said in a press release.

S&P noted that on Dec. 9, Longfor secured RMB 700 million of unsecured offshore bank loans that are domestically guaranteed by Bank of China.

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