紫光國微(002049.SZ):中誠信國際決定將“18國微01”的債項信用等級列入可能降級的觀察名單
格隆匯 11 月 6日丨紫光國微(002049.SZ)公佈,公司於2018年5月發行的“18國微01”由中誠信國際信用評級有限責任公司(“中誠信國際”)進行相關評級工作;2020年6月1日,中誠信國際對“18國微01”進行跟蹤評級,維持紫光國微主體信用等級AA+,評級展望為穩定,維持“18國微01”債項信用等級為AAA,該債項級別考慮了紫光集團有限公司(“紫光集團”)提供的全額無條件不可撤銷的連帶責任保證擔保。
中誠信國際關注到,儘管2020年以來紫光集團繼續保持多元化的業務格局,主營業務行業地位持續領先,芯片業務發展得到強有力的外部支持,但目前紫光集團在建項目資本支出壓力較大,且前期對外併購導致債務規模處於高位。從紫光集團本部財務狀況來看,截至2020年9月末,紫光集團所有者權益-7.50億元,總債務達527.81億元,其中短期債務328.16億元,而貨幣資金為40.02億元,本部面臨較大短期償債壓力。紫光集團目前存續債券規模仍然很大,其中,2020年11~12月紫光集團母公司即將到期債券規模為13億元和4.5億美元,2021年上半年母公司層面即將到期或面臨回售的債券規模為50.96億元和10.5億美元,債券集中到期壓力大。2020年10月30日,紫光集團決定不行使紫光集團有限公司2015年度第六期非公開定向債務融資工具(即“15紫光PPN006”)贖回權,並按照《募集説明書》相關約定重置“15紫光PPN006”在第6個計息年度至第10個計息年度的票面利率。此次非公開定向債務融資工具不行使贖回權的事項或將對紫光集團融資形成負面影響,進一步推升融資成本,加大紫光集團流動性壓力並削弱其再融資能力。基於上述因素,中誠信國際決定將紫光集團AAA的主體信用等級列入可能降級的觀察名單。
考慮到“18國微01”由紫光集團提供全額無條件不可撤銷的連帶責任保證擔保,中誠信國際決定將“18國微01”的債項信用等級列入可能降級的觀察名單。中誠信國際將與公司保持溝通,持續關注紫光國微業務運營及融資渠道等情況,以及間接控股股東紫光集團存續債券的兑付安排、外部融資環境變化情況、資產出售及戰略重組的最新進展,對其信用狀況進行跟蹤評估並及時披露相關信息。
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