惠譽確認奧園(03883.HK)長期外幣發行人違約評級為「BB-」 展望正面
評級機構惠譽確認中國奧園(03883.HK)的長期外幣發行人違約評級為「BB-」,展望正面。
惠譽指,隨著奧園去年完成全國布局,其業務狀況有所改善,地域多元化程度提高,業務規模擴大且客戶認可度提升。而集團在業務擴張時期亦能實施穩健的財務政策,槓桿率低於40%且盈利能力強健。
鑑於奧園對低線城市的滲透較高,其在行業低迷環境下住房需求不確定性較高,且在信貸緊縮環境下公司的現金回收率有所下降,惠譽稱在考慮上調奧園評級之前會觀察未來六個月裡其能否同時保持銷售增長和充裕的槓桿率上升空間。
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