标普确认腾讯(0700.HK)“A+”评级称VIE架构风险下降
国际信贷评级机构标准普尔确认腾讯(0700.HK)的长期发行人信贷评级为“A+”,评级展望“稳定”。标普相信,内地VIE架构风险已经下降,因此将腾讯的个体信用状况(SACP)从“A+”调高至“AA-”,但因腾讯大部分收入来自内地,令公司面对较大的转移及可兑换性风险(T&C)。
报告说,“稳定”的评级展望,反映标普相信腾讯未来24个月将维持稳健收入增长,并可以在几个网上平台,继续享有市场领导地位,所持现金亦维持强劲。
标普估计,腾讯未来几年的收入将可增长逾20%,主要由智能手机游戏、网上广告、商业服务和科技金融业务带动。不过,腾讯一旦经调整债务杠杆超过1.5倍,标普便可能调低其评级,这情况可能会在公司大幅举债以支持收购出现。
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