Sino-Ocean Land Assigned First-time Ratings from Fitch， Moody’s and S&P with a Stable Outlook
[News] Date of issue:2014-07-20
(Hong Kong, 20July 2014) Sino-Ocean Land Holdings Limited (“Sino-Ocean Land” or the “Company”, stock code: 3377), one of the largest property developers in Beijing and the Pan-Bohai Rim, has been assigned first-time ratings of “BBB-” long-term foreign currency issuer, “Baa3” issuer and “BBB-” long-term corporate credit respectively from Fitch Ratings (“Fitch”), Moody’s Investors Service (“Moody’s”) and Standard and Poor's Ratings Services (“S&P”) . The outlook on theratingsbythe three international rating agencies is stable.
Fitch statedin the report, “Sino-Ocean Land has strong results performance over the years, which proved the management’s superior execution capabilities, and significant synergies with China Life,being its majorshareholder, in its future development.Besides, the Company’s adequate and quality recurring cash flow and sound financial management has safeguarded the Company’s development in different environment.”
Moody’s saidthat Sino-Ocean Land has sizable land bank in major cities in China. The Company’s mass-market-focused strategy, supported by its diversified products offering and the increasing recurring revenue contribution from its investment property portfolio, offer stability to its operating performance. Consequently, the Company has managed its growth risks against a backdrop of challenges such as the high costs for land over the past 2-3 years, and developed a disciplined approach to business expansion.
In addition, S&P pointed out that Sino-Ocean Land’s moderate contract sales growth, increasing recurring income, stabilized margin, and good financial discipline will improve the Company’s financial position. S&P expected Sino-Ocean Land’sprofitabilitywill recover andstabilize from 2015.
Li Ming, Chairman of Sino-Ocean Land said, “We are pleased with the ratings assigned by Fitch, Moody's, and S&P, which reflect Sino-Ocean Land’s robust financial strength, outstanding corporate governance and stable, sustainable outlook. Looking ahead, we will further enhance our products and services.”
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