新華聯(000620.SZ)：東方金誠將“15華聯債”信用等級由AA+下調至AA
格隆匯2月4日丨新華聯(000620.SZ)公佈，公司近日收到東方金誠國際信用評估有限公司(“東方金誠”)出具的《關於下調“15華聯債”信用等級和將新華聯文化旅遊發展股份有限公司主體及“15華聯債”信用評級結果列入評級觀察名單的公告》，東方金誠將“15華聯債”信用等級由AA+下調至AA；同時將公司主體信用等級AA、“15華聯債”信用等級AA列入評級觀察名單。
評級機構進行評級調整的原因如下：
1、擔保方新華聯控股有限公司(“新華聯控股”)盈利下滑且面臨較大債務集中兑付壓力。2019年前三季度，主要受地產業務板塊收入結算影響，新華聯控股利潤總額下滑52.34%。新華聯控股下屬財務公司同業拆借款逾期事項和與信託公司的訴訟事件雖已達成和解，但仍體現其存在一定流動性壓力。同時，新華聯控股近期面臨較大信託和債券集中兑付壓力，未來3個月內面臨到期或回售的債券金額達30.1億元。
2、新華聯文旅盈利能力下滑。2019年前三季度，受地產結算進度等因素影響，公司利潤總額同比下滑52.80%。新華聯文旅計劃通過加強銷售和加速回款緩解去化壓力，但能否有效帶動盈利能力回升仍有待觀察。
影響分析及應對措施：1、上市公司在業務、人員、資產、財務、機構等方面均獨立於控股股東，因此控股股東的盈利情況及償債壓力不會對公司自身的償債能力產生影響，也不會對債券投資者適當性管理、債券質押式回購資格造成不利影響。控股股東已主動啟動引進戰投及瘦身減持計劃，出售持有的部分投資股份及銀行股權以回籠資金。
2、根據公司慣例，大多數房屋集中在第四季度交付和結轉，因此公司第四季度確認的收入相較前三季度會有顯著的增長。公司2018年度一至四季度確認的收入分別為10.44億元、19.22億元、32.02億元、78.33億元；分季度利潤分別為0.39億元、0.92億元、1.75億元、8.81億元，第四季度的收入和利潤較前三季度相比有極大提高。公司2019年度銷售情況正常，第四季度收入及利潤會較前三季度有顯著的改善和增長，能夠充分保證年度收入和利潤的結轉。
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