Moody’s upgrades Jiangsu Zhongnan

Moody’s Investors Service said it upgraded Jiangsu Zhongnan Construction Group Co., Ltd.’s corporate family rating to B1 from B2 and the backed senior unsecured debt rating on the notes issued by Haimen Zhongnan Investment Development (International) Co. Ltd. to B2 from B3.

“The upgrade reflects our expectation that Jiangsu Zhongnan’s credit metrics will continue to strengthen over the next 12-18 months, supported by increased revenue recognition from strong contracted sales and controlled land acquisitions,” said Danny Chan, a Moody’s assistant vice president and analyst, in a press release.

“In addition, the upgrade also reflects Jiangsu Zhongnan’s improved access to funding and reduced exposure to trust financing,” added Chan.

The outlook is stable.

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