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惠譽將融創中國(01918.HK)展望調整至正面 評級維持「BB」
阿思達克 03-31 15:38
惠譽將融創中國(01918.HK)展望由穩定調整至正面,並確信其長期外幣發行人違約評級(IDR)、高級無抵押評級及優先票據評級為「BB」級別。

惠譽指出,融創中國雖然應付賬款有所增加,但通過減緩土地收購,維持合同銷售增長及減少項目權益的方式,融創可將槓桿率降至低水平,預期其淨債務對合資企業及聯營企業調整後庫存貨槓桿可能會維持在30%以下,因此上調展望。

但惠譽指出,融創將需要長期將槓桿率維持在閾值以下,才會考慮採取進一步積極的評級。去年融創降低非銀行金融機構(NBFI)貸款的比例,惠譽預計融創將繼續減少對NBFI貸款的依賴,並提高其短期流動性比率,相信融資成本將下降。

惠譽預測,融創未來幾年的平均售價將達每平方米1.4萬元人民幣,與2020年持平,並預期中期EBITDA利潤率約為20%至25%。

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