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惠誉首予北京汽车(01958.HK)信贷评级BBB+展望稳定
阿思达克 07-08 11:37

评级机构惠誉公布,首予北京汽车(01958.HK)长期外币发行人违约评级及高级无抵押评级「BBB+」,展望稳定。按惠誉标准,「BBB+」属投资级别。报告指,按父系企业评级标准自上而下分析,北京汽车评级与母企北汽集团看齐,源於两企在经营及战略上的密切关系。

惠誉表示,料北京汽车旗下中外合营北京奔驰,在中期而言料在内地乘用车市场维持强势。北京奔驰在内地消费者间有强劲产品渠道及重大品牌价值。由於内地对豪华车款需求强劲,北京奔驰自2017年起对北京汽车贡献急速扩大。惠誉料豪华及高端汽车板块仍是内地汽车市场的主要推手,受惠於置换需求及产品升级。北京汽车旗下另一合营为北京现代。

报告认为,合营权益潜在摊薄或带来风险。北京汽车与平治品牌母企德国戴姆勒及南韩现代汽车的合营协议中期仍会维持。不过,中国计划持续开放汽车市场,届2022年或之前撤除本地汽车生产合营中,外资持股上限50%的限制。惠誉称,北京现代及北京奔驰贡献北京汽车大部分的收入、盈利及现金流。

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