TC

12/09/2019 17:36

Moody's upgrades Shimao's rating to Ba1, outlook stable

[ET Net News Agency, 12 September 2019] Moody's Investors Service has upgraded to Ba1
from Ba2 Shimao Property Holdings Limited's (00813) corporate family rating (CFR).
The rating outlook is stable.
"The upgrade reflects our expectation that Shimao's credit metrics will strengthen over
the next 12-18 months, driven by strong growth in revenue and contracted sales," said
Celine Yang, a Moody's Assistant Vice President and Analyst.
"In addition, the upgrade reflects our expectation that the diversified income from
Shimao's commercial properties, hotels and property management business, coupled with its
prudent financial management, will help it weather the challenging conditions in China's
property industry," added Yang, who is also Moody's Lead Analyst for Shimao.
Moody's expects Shimao's leverage -- as measured by revenue/adjusted debt -- will trend
toward 90%-95% over the next 12-18 months from 76% for the 12 months ended June 2019,
supported by healthy revenue growth following strong contracted sales in the past one to
two years. (KL)

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