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惠誉:确认绿景中国(0095.HK)“B”长期外币发行人违约评级 展望“稳定”
格隆汇 08-30 10:42

惠誉发表报告称,已确认中资房企绿景中国(00095.HK)的长期外币发行人违约评级为“B”,展望“稳定”,同时确认公司的高级无抵押评级及已发行美元高级票据的评级为“B”,高级无抵押评级的回收率评级为“RR4”。

惠誉指出,绿景中国位于深圳的高利润城市更新项目及旗下的优质投资物业组合(包括位于深圳和香港中心位置的绿景NEO大厦)对公司评级形成支持。截至2018年末,绿景中国的经常性EBITDA /利息支出比为0.38倍,高于大部分“B”评级的同业公司。另外,绿景中国的控股股东黄康境先生预计将于未来几年把位于大湾区的约1200万平方米城市更新项目注入公司。

惠誉表示,合同销售规模较小、波动程度较高,地域集中化有限及杠杆率高企限制了绿景中国的评级。公司集中在深圳和珠海的项目也可能会影响其合同销售的稳定性。惠誉预计,由于来自控股股东城市更新项目的注入,截至2019年末,绿景中国的杠杆率(以净债务/调整后库存计算)将攀升至55%(2018年为54%,2017年为48%)。

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