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惠譽授予華南城(01668.HK)擬發行美元高級票據「B」評級
阿思達克 09-03 15:20
惠譽評級公布,授予華南城(01668.HK)擬發行美元高級票據「B」的評級以及「RR4」的回收率評級。該擬發行票據將構成華南城的直接、高級無抵押債務,因此其評級與華南城的高級無抵押評級一致。華南城計劃將該票據的淨收益用於現有債務再融資。

惠譽預計,若華南城按照管理層的計劃繼續實施審慎的拿地政策並取得良好的銷售業績,則未來三年該公司的杠桿率將保持在50.0%以下。華南城的2020財年杠桿率大致穩定在43.6%。2020財年華南城拿地導致的現金流出從2019財年的16億元降至3億元。惠譽估計,2021財年華南城的購地款總額將增至佔銷售收入的10%至15%。

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