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惠誉降睿见教育(06068.HK)信贷评级展望至「负面」
阿思达克 05-27 15:00
信贷评级机构惠誉公布,下调睿见教育(06068.HK)长期发行人违约评级展望自「稳定」降至「负面」,并确认其发行人违约评级和高级无抵押评级为「BB-」。

负面展望反映由於有关禁止义务教育阶段民办学校进行关联方交易、和通过协议控制及收并购方式控制K-9学校的规定日趋严格,业务覆盖幼儿园直至12年级(K-12)的内地学校运营商存在的监管风险攀升。

该规定对睿见教育财务状况的影响目前尚不确定,但是在最糟糕的情景假设及对该规定做出最严格解释的情况下,若现有K-9学校的可变利益实体(VIE)结构面临监管挑战,提供义务教育阶段服务的民办学校可能不再合并入其上市公司报表。对新规的解释尚待确定,这可能导致地方政府以不同的速度来实施这些举措。

睿见教育的信贷评级是基於该公司作为内地领先私营教育公司的稳固地位。睿见教育的评级还受其稳定的经常性现金流的支撑,但是其经营规模较小、地域集中度高及监管压力对其评级形成制约。

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