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Research Report

03/09/2020 15:28

Country Garden's outlook revised to positive; "BB+" affirmed

[ET Net News Agency, 3 September 2020] S&P Global Ratings revised its rating outlook on
Country Garden Holdings Co. Ltd. (02007) to positive from stable. At the same time, the
credit rating agency affirmed its 'BB+' long-term issuer credit rating.
S&P believes Country Garden is showing operating and earnings resilience amid the
current economic down cycle in China, despite its focus on property markets in lower-tier
It said Country Garden's debt growth will likely remain slow in 2020-2021 as the
company's focus shifts toward operational quality from aggressive scale growth.
The positive outlook on Country Garden reflects its view that the company's leverage
will stay relatively stable, while its operational performance will become less volatile,
hence potentially delivering similar stability as stronger and more diversified developers
on a sustained basis. (KL)

Remark: Real time quote last updated: 30/10/2020 17:59
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