惠誉将融创中国(01918.HK)展望调整至正面 评级维持「BB」
惠誉将融创中国(01918.HK)展望由稳定调整至正面,并确信其长期外币发行人违约评级(IDR)、高级无抵押评级及优先票据评级为「BB」级别。
惠誉指出,融创中国虽然应付账款有所增加,但通过减缓土地收购,维持合同销售增长及减少项目权益的方式,融创可将杠杆率降至低水平,预期其净债务对合资企业及联营企业调整後库存货杠杆可能会维持在30%以下,因此上调展望。
但惠誉指出,融创将需要长期将杠杆率维持在阈值以下,才会考虑采取进一步积极的评级。去年融创降低非银行金融机构(NBFI)贷款的比例,惠誉预计融创将继续减少对NBFI贷款的依赖,并提高其短期流动性比率,相信融资成本将下降。
惠誉预测,融创未来几年的平均售价将达每平方米1.4万元人民币,与2020年持平,并预期中期EBITDA利润率约为20%至25%。
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