惠誉上调金鹰商贸(03308.HK)发行人违约评级至「BB+」 展望稳定
评级机构惠誉发表报告,将金鹰商贸(03308.HK)长期发行人违约评级和高级无抵押等级自「BB」上调至「BB +」,展望稳定。
该行指,公司在新冠肺炎疫情下仍维持强劲财务状况的能力,且其2020年列报全面营收及EBITDA在2020年上半年业务运营受疫情严重冲击的情况下仍录得增长。自由现金流持续为正值,表明其在低迷的零售环境中仍具韧性,继而提供了充裕的评级空间。
惠誉预计,金鹰商贸稳定的零售经营业绩表现和有节制的房地产开发将令其应付账款调整後营运现金流(FFO)净杠杆率维持在3倍以下。预期2021至24年间EBITDA利润率会维持在42至43%,自由现金流持续为正值,营收来源丰富,同时线上业务将辅助线下发展。
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