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Research Report

10/09/2020 17:35

Moody's upgrades Longfor's ratings to Baa2; outlook stable

[ET Net News Agency, 10 September 2020] Moody's Investors Service has upgraded Longfor
Group Holdings Limited's (00960) issuer and senior unsecured ratings to Baa2 from Baa3.
The outlook has been revised to stable from positive.
"The upgrade reflects Longfor's demonstrated ability to maintain a strong operating and
financial performance throughout the cycles," said Kaven Tsang, a Moody's Senior Vice
"It also reflects the company's disciplined and prudent financial management while
pursuing growth over the past decade and its growing recurring rental income, which will
strengthen its cash flow stability and solidify its position at the Baa2 rating level,"
added Tsang.
Longfor's Baa2 issuer rating reflects the company's strong brand name, good geographic
diversification, good liquidity and track record of resilient sales growth through the
cycles. The company has a balanced land bank across major regions in China (A1 stable),
which can support business growth over the next three to four years. (KL)

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