Moody's keeps Ba3 rating on Yanlord Land with stable outlook

Singapore

MOODY'S maintained its Ba3 rating on Singapore-listed Yanlord Land Group with stable outlook, citing the developer's adjusted sales execution to meet mass-market demand, an improving land bank distribution, and good access to debt and capital markets.

"The rating also reflects its strong brand and high-quality properties, allowing it to generate above-industry-average margins," the credit agency said.

But it flagged that Yanlord's 2014 credit metrics were weak for its Ba3 ratings, mainly due to its high level of debt leverage, weak interest coverage, and greater-than-expected drop in gros…