惠譽將當代置業(01107.HK)信貸評級降至「C」
評級機構惠譽公布,將當代置業(01107.HK)長期本外幣發行人違約評級(IDR)及其高級無抵押債券評級由「B」連降六級至「C」,僅略高於「違約」級別。
該行解釋,在下調評級之前,當代置業尋求將2021年10月25日到期的2.5億美元未償優先票據到期日延長三個月至2022年1月25日。同時,該公司還在尋求縮短債券選擇性贖回的通知期,並贖回8,750萬美元的債券本金。
基於惠譽的評估標準,該機構將上述展期行動視為不良債務交換(DDE)。如果同意徵求順利完成,當代置業的發行人評級將先被下調至「RD」(限制性違約),隨後惠譽將重新評定該評級,使其與債務展期後的資本結構和風險狀況相一致,評級有可能落在投機級的較低區間內。
惠譽認為,由於當代置業的流動性緊張,就債務展期進行同意徵求對其避免違約是必要的。該公司在2021年6月底的可用現金餘額約136億元人民幣,但其獲取現金以償還債券的能力存在不確定性。同意徵求書指出,延長債券期限是為了改善公司的流動性和現金流管理,避免債券下任何潛在的付款違約。
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