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惠譽下調富力地產(02777.HK)長期外幣和本幣發行人違約評級至「B+」 展望穩定
阿思達克 07-09 18:02
評級機構惠譽將富力地產(02777.HK)的長期外幣和本幣發行人違約評級由「BB-」下調至「B+」,展望穩定。惠譽同時將富力地產的高級無抵押評級從「BB-」下調至「B+」,回收率評級為「RR4」。

惠譽指,評級下調是基於富力地產的去槓桿進度慢於惠譽預期且流動性走弱,其今年第一季尾現金與短期債務的比率不足0.5倍。而富力地產去年底的槓桿率(以淨債務與調整後庫存的比率衡量)由2018年底的58%降至55%,但與「BB-」評級同業相比仍處於高位。惠譽認為,今年至2023年預測期內富力地產的槓桿率將約為55%。

惠譽又稱,公司去槓桿進展慢,其去年底的槓桿率為55%,導致惠譽考慮採取負面評級行動的槓桿率閾值。惠譽之前預計,公司將通過放緩拿地、出售股份以及潛在的股份發行來去槓桿,但其出售和發行股份的進展有限。

惠譽提到,富力地產的管理層亦已削減今年拿地預算至不超過110億元人民幣,不足其合同銷售目標的10%。但是,當前市場環境下富力地產資產出售和股份發行時間的可預測性較低。此外,公司合同銷售表現不佳,今年首五個月富力地產的銷售規模按年下降17%,降幅大於3%的行業平均水平。

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