惠誉予龙光集团(03380.HK)拟发行美元票据「BB」评级
评级机构惠誉授予中资房企龙光集团(03380.HK)拟发行美元高级票据「BB」评级。拟发行票据构成龙光地产的直接、无条件、无抵押及非次级债务,因此,其评级与公司的高级无抵押评级一致。募集资金将用於公司再融资。
评级反映了龙光地产财务状况的改善。惠誉预计,未来12到18个月内该公司的杠杆率将保持在约35%至40%的低位,其原因在於公司的土地储备足以支持其增长。龙光地产在业务扩张的同时实施稳健的财务政策,且盈利能力强劲,EBITDA利润率达30%以上。
龙光地产在实现业务多元化方面取得了一定进展,但公司大部分土储和合同销售额仍集中在大湾区,这对其评级构成制约。尽管公司在深耕多年的粤港澳大湾区市场的地位依然保持强劲,且投资物业发展迅速,但惠誉认为,进一步加强其在核心市场的地位及显着改善地域或业务多元化程度是评级提升的重要考量因素。
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