Moody's lifts China Resources

Moody's Investors Service said it upgraded the senior unsecured debt rating of China Resources Land Ltd. to Baa1 from Baa2.

The outlook is stable.

The upgrade reflects the fact that China Resources has established a sustainable business model with stable income from its investment properties, which partly offsets its development risk, Moody's said.

The strong operating position is evidenced by its growing property development sales and the increased operating scale of its investment property portfolio, the agency said.

The company said it pursued its expansion partly by capitalizing on its relationship with its parent, the China Resources Group, a conglomerate ultimately owned by China's state council, Moody's said.

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