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International Credit Ratings of China Jinmao Raised Against Adverse Environment
On April 8, S&P affirmed China Jinmao’s "BBB-" long-term issuer credit rating and raised its outlook to "stable". On April 11, Fitch affirmed the company's "BBB-" rating and maintained a "stable" outlook. Earlier, Moody's issued a report to maintain China Jinmao's "Baa3" investment-grade rating and "stable" outlook. Thus, all three major international credit rating agencies have issued positive reports on China Jinmao, with outlook "stable".
Against the backdrop of increasing downward pressure on the domestic property industry, this is the first time that S&P has raised the credit rating of a Chinese real estate company in the last six months, highlighting the positive trend of China Jinmao's healthy development. In its report, Fitch noted that amid an industry downturn, China Jinmao still demonstrated a strong brand and sufficient quality land bank, as well as healthy leverage and strong financial flexibility.
