惠譽降深高速(00548.HK)信貸評級展望至負面
評級機構惠譽宣布,已將深高速(00548.HK)長期發行人違約評級的評級展望自「穩定」調整為「負面」,並確認其評級為「BBB」。
機構在深高速母公司深圳國際(00152.HK)的長期發行人違約評級自「穩定」調整為「負面」後採取了是次評級行動。深高速的獨立信用狀況仍為「BBB」,優於其母公司。惠譽基於其《母子公司評級關聯性標準》評定深高速與深圳國際之間的關聯性為中等,因此根據兩家公司的合並信用狀況對深高速進行評級。
惠譽評定深圳高速的獨立信用狀況為「BBB」,原因在於,儘管該公司槓桿空間收窄,但其強大的高速公路網絡在新冠疫情衝擊下仍展現出韌性。深高速的優質資產組合主要分布在以深圳為中心的廣東省,並輻射至華中地區的若干省份。
2020年,疫情衝擊下收費公路運營公司均面臨嚴峻的經營挑戰。疫情下車流量驟降令深高速遭受了巨大的收入損失,而政府在2020年上半年實施的全國收費公路免收車輛通行費政策更是令該公司的收入狀況雪上加霜。但是,得益於公司雙主業發展戰略,深圳高速的整體財務表現保持穩定,其環保和可再生能源業務部門的強勁業績令收費公路業務部門營收下滑帶來的不利影響有所緩解。
免收通行費政策結束後,深高速的收費公路車流量強勁回升,2020年6月回升至疫前水平,並隨著經濟活動的恢復,2020年下半年車流量較上年同期略有上升。深高速收費路網的大量通勤車流對其復原力起到支撐作用。惠譽認為,在區域經濟發展和人口增長的推動下,深高速運營公路的車流量將持續穩健增長。
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