惠譽降花樣年(01777.HK)信貸評級展望至負面
評級機構惠譽確認花樣年控股(01777.HK)長期外幣發行人違約評級「B+」,評級展望由「穩定」調整至「負面」。
評級展望下調的主要原因在於,花樣年的槓桿率(以淨債務與調整後庫存的比率衡量)上升,觸發了惠譽採取負面評級行動的槓桿率閥值(50%),且該公司隱含現金回款率下降。儘管惠譽認爲該公司擁有充裕的流動性和可行的計劃來解決2021年到期美元債券,但是,由於其高度依賴美元債券融資,如果其債務資本市場融資渠道持續不暢可能對其信用狀況造成負面影響。
花樣年的評級受益於其穩定的業務狀況,持續增長的權益合同銷售額及營收,豐厚理想的EBITDA利潤率,以及充足的土地儲備(包括其大規模城市更新項目)。
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