穆迪上调康师傅(00322.HK)评级至「A3」 展望转为「稳定」
评级机构穆迪将康师傅(00322.HK)发行人评级由「Baa1」上调至「A3」,并将展望由「正面」转为「稳定」。
穆迪表示,评级反映康师傅一贯审慎的财务管控及灵活的业务模式,支持自由现金流产生、低杠杆率及稳健净现金水平,过去五年每年产生自由现金流介乎35亿至55亿元人民币,截至2020年底净现金已增加至73亿元人民币。
康师傅调整後的债务对EBITDA比率已从2017年底的2倍降低至2020年底的1.4倍,穆迪预期未来一至两年内负债比率将维持在约1.5倍的较低水平,符合「A3」评级。不过,穆迪提醒,未来评级仍受到新产品开发、完善细分市场需求及行业竞争等因素影响。
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