標普:富力地產(2777.HK)配股有助改善其資本結構 評級展望為穩定
富力地產(2777.HK)宣佈,以每股13.68元配售2.73億股新股,集資約37.35億元。國際信貸評級機構標準普爾認為,富力配股將有助公司改善資本結構,並提升其流動性,惟考慮到配售規模相對較小,相信對富力整體信用狀況的影響温和,至於財務能否進一步改善,將取決於富力能否在中證監批准之外進行大額股本融資。
標普現時給予富力的評級為「B+」,評級展望為「穩定」。標普指,富力在2020年將面對280億元(人民幣.下同)的有效債務到期。其中包括近30億元已到期的國內企業債券,以及超過100億元的可行使看跌期權。該公司沒有2020年到期的離岸優先票據。
儘管富力計劃通過配股償還離岸債務,但標普估計,明年富力的債務與EBITDA比率僅略微改善至6.2倍,而之前的預測是6.3倍。鑑於配售額很小,所得款項將不會顯著改變富力的債務槓桿率,但可令截至公司今年9月30日的300億元現金結餘,增加約33億元。
富力今年的合約銷售比標普預期遜色,首11個月的銷售額約1200億元,而標普原本估計全年數字可達1500億元。

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