惠誉确认北京汽车(01958.HK)信贷评级「BBB+」 展望稳定
评级机构惠誉公布,确认北汽集团及其附属北京汽车(01958.HK)长期发行人违约评级及外币高级无抵押债务评级「BBB+」,展望均为稳定。
惠誉称,北汽集团评级与该行对北京市政府信贷可靠度的内部评估相关,因为公司与地方政府关系密切。而北京汽车与母企评级一致,在该行母系企业准则下,以由上至下角度审视两企之间经营及战略上的密切关系。北汽集团及其政府关连法人持有北京汽车逾60%权益。
该行料北京汽车旗下合营北京奔驰,在内地乘用车市场上有良好定位,中期有力跑赢大市。豪华及高端汽车板块属内地汽车市场增长动力,受惠於可支配收入增加、置换加快及需求升级。北京奔驰有强劲产品线,在内地消费者中有重大品牌价值。
另惠誉称,北京奔驰及北京现代都是北汽集团业务骨干。集团透过副线品牌在商用车市场有广泛参与。多合营及产品策略,以及分散品牌组合可减低整体风险及波动性。自2017年以来北京奔驰对集团盈利贡献占比大增,而集团其他品牌盈利占比急降,或致业务集中於北京奔驰,影响北汽集团的业务组合。
该行料北京汽车与外资合营协议在中期仍然有效。中国目标在2022年或之前,开放汽车市场及有计划撤销外资持股本地车厂50%的上限。惠誉称,合营支持集团盈利能力及财政结构,而北京汽车旗下合营倘有任何股权摊薄,将影响其信贷状况。
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