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惠誉确认恒大(03333.HK)信贷评级「B+」 展望调整至「稳定」
阿思达克 09-20 17:22

评级机构惠誉发表报告,确认中国恒大(03333.HK)长期外币发行人违约评级「B+」,评级展望由「正面」调整至「稳定」。展望改变反映该行相信集团减债能力将转弱,主因合约销售持平,加大投资非地产业务致应付帐款增加,以及对短债依赖加剧。

惠誉表示,经调整外部担保後,以净债务对经调整库存计,恒大杠杆由去年的44%下降至今年上半年的41%。不过,由於进取买地及投资电动车业务,料2019至2020年杠杆将回升至介乎42%至43%,而恒大过往也没有经营电动车的往绩。该行称,在合约销售放慢及内地房市放缓时,恒大在厂房附近以额外土地溢价拿地。

报告料恒大今年合约销售约5,510亿元人民币(下同),按年持平,上半年录2,810亿元,低於公司6,000亿元的指引。惠誉称,内房一般而言,增长放慢或意味经营现金流增加。但这或不是恒大情况,料其进取拿地及大手投资电动车,将致经营现金流减弱。

另外,上半年恒大短债对总债务占比达46%,去年为47%,仍高於同业。公司指其致力发长债,但或需时,因为大部分短债均为建筑贷款。

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