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Research Report

18/09/2020 15:25

Moody's upgrades Country Garden's senior unsecured rating

[ET Net News Agency, 18 September 2020] Moody's Investors Service has assigned Baa3
issuer rating to Country Garden Holdings Company Limited (02007), and has withdrawn its
Ba1 corporate family rating.
At the same time, Moody's has upgraded the company's senior unsecured bond rating to
Baa3 from Ba2.
The outlook is revised to stable from positive.
"The Baa3 issuer rating reflects our expectation that Country Garden's will sustain its
leading market position and track record in property development while maintaining its
prudent financial management," said Celine Yang, a Moody's Assistant Vice President and
"The upgrade of Country Garden's senior unsecured debt ratings reflects its strengthened
credit profile and improved credit diversification that mitigates structural subordination
risk, with the latter driven by (1) its enlarged operating scale, (2) the improved
geographic distribution of its property development projects, and (3) the increased number
of operating subsidiaries that generate cash flow through diverse business cycles," added
Yang. (KL)

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