S&P downgraded Longfor Group's credit rating to "BB-" with a "stable" outlook

AASTOCKS
2025.11.17 09:40

S&P Global has downgraded Longfor Group (00960.HK) long-term issuer rating from "BB" to "BB-" due to the continued deterioration in contract sales and profit margins of its real estate development business, with Longfor's leverage expected to remain high over the next 12-24 months.

However, the agency believes that Longfor's large commercial real estate portfolio will strengthen its positive operating cash flow and enable it to meet its debt repayment needs over the next 12 months through commercial real estate mortgage loans.

The "stable" outlook for Longfor reflects the agency's expectation that despite the continued deterioration in contract sales of its real estate development business, the company's commercial real estate portfolio will still maintain sufficient liquidity buffers over the next 12 months

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