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Bond Market News
S&P Upgrades Yanlord by One Notch to ‘BB’
S&P Global Ratings raised Yanlord Land Group’s long-term corporate credit rating to ‘BB’ with a stable outlook, from ‘BB-‘ and raised the long-term issue rating on the company’s outstanding senior unsecured notes to ‘BB-‘ from ‘B+’. The international credit agency cited an improved financial position that is sustainable over the next 2-3 years, “driven by continued high profitability and good financial discipline”, as the reasons for upgrading the China-based and Singapore-listed real estate developer. S&P also believes that the company will “strike a balance between sales growth and achieving high selling prices” such that their contracted sales performance will be steady over the next 12 months.
Following the upgrade, Yanlord’s bonds saw a 25-cent bounce despite limited buying interest. The Yanlord 2022s were quoted at 100.30/100.60.
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