惠誉降深高速(00548.HK)信贷评级展望至负面
评级机构惠誉宣布,已将深高速(00548.HK)长期发行人违约评级的评级展望自「稳定」调整为「负面」,并确认其评级为「BBB」。
机构在深高速母公司深圳国际(00152.HK)的长期发行人违约评级自「稳定」调整为「负面」後采取了是次评级行动。深高速的独立信用状况仍为「BBB」,优於其母公司。惠誉基於其《母子公司评级关联性标准》评定深高速与深圳国际之间的关联性为中等,因此根据两家公司的合并信用状况对深高速进行评级。
惠誉评定深圳高速的独立信用状况为「BBB」,原因在於,尽管该公司杠杆空间收窄,但其强大的高速公路网络在新冠疫情冲击下仍展现出韧性。深高速的优质资产组合主要分布在以深圳为中心的广东省,并辐射至华中地区的若干省份。
2020年,疫情冲击下收费公路运营公司均面临严峻的经营挑战。疫情下车流量骤降令深高速遭受了巨大的收入损失,而政府在2020年上半年实施的全国收费公路免收车辆通行费政策更是令该公司的收入状况雪上加霜。但是,得益於公司双主业发展战略,深圳高速的整体财务表现保持稳定,其环保和可再生能源业务部门的强劲业绩令收费公路业务部门营收下滑带来的不利影响有所缓解。
免收通行费政策结束後,深高速的收费公路车流量强劲回升,2020年6月回升至疫前水平,并随着经济活动的恢复,2020年下半年车流量较上年同期略有上升。深高速收费路网的大量通勤车流对其复原力起到支撑作用。惠誉认为,在区域经济发展和人口增长的推动下,深高速运营公路的车流量将持续稳健增长。
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