Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
Fitch Affirms LONGFOR GROUP at 'BB-' With Outlook Revised to Stable
Recommend 4 Positive 4 Negative 2 |
||||
|
||||
|
Fitch Ratings has revised the Outlook on LONGFOR GROUP (00960.HK)'s Long-Term Foreign-Currency Issuer Default Rating to Stable from Negative, and affirmed the Issuer Default Rating at "BB-". Fitch also affirmed the "BB-" rating on the company's senior unsecured rating and outstanding senior notes. LONGFOR GROUP's ratings are supported by its sizable investment property portfolio and the stable recurring income generated from its property management business. These strengths help mitigate risks arising from its property development business amid a challenging operating environment, as well as the impact of narrowing unsecured financing channels and a shrinking pool of unencumbered investment property assets, which remain key rating constraints. Fitch also believes that LONGFOR GROUP's debt servicing pressure has eased and that it has continued to generate positive operating cash flow during the industry downturn, which has enabled the company to maintain sufficient liquidity buffers to withstand further weakness in China's residential property development sector. Auto-translated by AI AASTOCKS Financial News |
||||
Copied to Clipboard
 |
||||
