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惠譽降睿見教育(06068.HK)信貸評級展望至「負面」
阿思達克 05-27 15:00
信貸評級機構惠譽公布,下調睿見教育(06068.HK)長期發行人違約評級展望自「穩定」降至「負面」,並確認其發行人違約評級和高級無抵押評級為「BB-」。

負面展望反映由於有關禁止義務教育階段民辦學校進行關聯方交易、和通過協議控制及收並購方式控制K-9學校的規定日趨嚴格,業務覆蓋幼兒園直至12年級(K-12)的內地學校運營商存在的監管風險攀升。

該規定對睿見教育財務狀況的影響目前尚不確定,但是在最糟糕的情景假設及對該規定做出最嚴格解釋的情況下,若現有K-9學校的可變利益實體(VIE)結構面臨監管挑戰,提供義務教育階段服務的民辦學校可能不再合併入其上市公司報表。對新規的解釋尚待確定,這可能導致地方政府以不同的速度來實施這些舉措。

睿見教育的信貸評級是基於該公司作為內地領先私營教育公司的穩固地位。睿見教育的評級還受其穩定的經常性現金流的支撐,但是其經營規模較小、地域集中度高及監管壓力對其評級形成制約。

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