惠誉确认利福(01212.HK)信贷评级 下调评级展望至负面
评级机构惠誉发表报告,确认利福国际(01212.HK)长期发行人违约评级「BB+」,评级展望由「稳定」下调至「负面」。评级展望下调反映公司现金流生成不确定性加剧。本港自6月以来的社会不稳,对零售业带来实质影响,料致下半年收入下滑。自由现金流生成亦受影响,但程度取决於资本开支及分派比率的速度。
报告称在政局不稳下,料香港零售业经营环境持续富挑战。惠誉料利福今年收入跌13.9%,看齐整体零售市场。今年8月零售销售跌22.9%,10月亦跌24.3%。此外,内地访港旅客是零售销售的主要支柱,自7月起开始减少,10月按年跌幅达46%,属2003年5月沙士以来最大跌幅。
惠誉表示,由於本港零售经营环境困难,料利福现金流生成转弱。自由现金流亦受影响,撇除社会不稳外,亦源於今年就启德项目的10亿元资本开支及10亿元股息分派,与历史水平相符。不过,倘开支减少将有助保留现金。
报告料在2022年启德项目竣工前,利福经营现金流(FFO)净杠杆维持高企。FFO净杠杆料由去年的4.3倍升至2019年料录5.9倍。但由於债务主要与启德项目有关,因此毛债务料不会有重大变化。惠誉亦料利福在启德项目竣工前,即使杠杆高企,仍有足够财政资源;利福旗下地产物业亦支持其评级。
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