惠譽予龍光集團(03380.HK)擬發行美元票據「BB」評級
評級機構惠譽授予中資房企龍光集團(03380.HK)擬發行美元高級票據「BB」評級。擬發行票據構成龍光地產的直接、無條件、無抵押及非次級債務,因此,其評級與公司的高級無抵押評級一致。募集資金將用於公司再融資。
評級反映了龍光地產財務狀況的改善。惠譽預計,未來12到18個月內該公司的槓桿率將保持在約35%至40%的低位,其原因在於公司的土地儲備足以支持其增長。龍光地產在業務擴張的同時實施穩健的財務政策,且盈利能力強勁,EBITDA利潤率達30%以上。
龍光地產在實現業務多元化方面取得了一定進展,但公司大部分土儲和合同銷售額仍集中在大灣區,這對其評級構成制約。儘管公司在深耕多年的粵港澳大灣區市場的地位依然保持強勁,且投資物業發展迅速,但惠譽認為,進一步加強其在核心市場的地位及顯著改善地域或業務多元化程度是評級提升的重要考量因素。
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