惠譽確認北京汽車(01958.HK)信貸評級「BBB+」 展望穩定
評級機構惠譽公布,確認北汽集團及其附屬北京汽車(01958.HK)長期發行人違約評級及外幣高級無抵押債務評級「BBB+」,展望均為穩定。
惠譽稱,北汽集團評級與該行對北京市政府信貸可靠度的內部評估相關,因為公司與地方政府關係密切。而北京汽車與母企評級一致,在該行母系企業準則下,以由上至下角度審視兩企之間經營及戰略上的密切關係。北汽集團及其政府關連法人持有北京汽車逾60%權益。
該行料北京汽車旗下合營北京奔馳,在內地乘用車市場上有良好定位,中期有力跑贏大市。豪華及高端汽車板塊屬內地汽車市場增長動力,受惠於可支配收入增加、置換加快及需求升級。北京奔馳有強勁產品線,在內地消費者中有重大品牌價值。
另惠譽稱,北京奔馳及北京現代都是北汽集團業務骨幹。集團透過副線品牌在商用車市場有廣泛參與。多合營及產品策略,以及分散品牌組合可減低整體風險及波動性。自2017年以來北京奔馳對集團盈利貢獻佔比大增,而集團其他品牌盈利佔比急降,或致業務集中於北京奔馳,影響北汽集團的業務組合。
該行料北京汽車與外資合營協議在中期仍然有效。中國目標在2022年或之前,開放汽車市場及有計劃撤銷外資持股本地車廠50%的上限。惠譽稱,合營支持集團盈利能力及財政結構,而北京汽車旗下合營倘有任何股權攤薄,將影響其信貸狀況。
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