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穆迪下調神州租車(00699.HK)評級降至「Caa1」 展望「負面」
阿思達克 04-09 17:19
穆迪下調神州租車(00699.HK)企業家族評級由「B2」降至「Caa1」,展望改為「負面」。該行指出下調評級主要反映公司主要股東股東神州優車股份有限公司(UCAR Inc.)所面對的挑戰,加上瑞幸咖啡造假事件亦影響到神州租車的信貸組合,令公司在融資層面、控制權轉變及違約等的風險增加。

該行指出瑞幸咖啡的主席同時是神州租車及神州優車的主席,而瑞幸於4月2日公布收入造假消息,神州優車於4月6日停牌,並於4月7日接獲中證監就瑞幸咖啡方面的查詢。於4月9日神州租車公布,神州優車於4月3日沽出4,500萬股公司股份,佔已發行股本約2.11%。交易完成後,神州優車持有神州租車27.65%股權,而交易是在神州優車的債主要求下進行。神州優車抵押神州租車的股份借貸,帶來了控制權轉變的風險,或有機會令神州租車需要加快還款並影響其營運。

該行指出將其評級降至「Caa1」級,以反映控股股東神州優車為公司帶來的再融資、企業管治及商業風險,雖然神州租車為內地租車業龍頭,有助抵銷部分風險,但該行認為公司流動性弱,縱使受限制及不受限制的現金有59億元人民幣,足以支付短期債務,隨著未來12-18個月債務到期,現金或短債將於2020年底前降至較低水平。而神州優車的經營挑戰將帶來拖累,同時亦要關注融資環境及二手車銷售方面的不確定性等。(el/u) ~

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