標普降中國奧園(03883.HK)評級至「CCC」展望負面
評級機構標普將中國奧園(03883.HK)的長期發行人信用評級從「B」下調至「CCC」,並將未償還的高級無擔保票據的長期發行評級從「B-」下調至 「CCC-」。
標普對奧園展望爲負面,反映短期可能面臨巨大的流動性壓力,因現有的現金餘額用於償還債務的能力受壓,明年亦有大量到期債務,以及現金生成能力減弱。
標普認爲,奧園出售香港羅便臣道物業,加上可能出售奧園健康(03662.HK)的物業管理業務以及其他可能的近期項目出售所得的淨收益約3億港元,不太可能完全覆蓋明年1月境外到期的6.88億美元債券。此外,明年公司將面臨6月到期的2億美元私人票據,9月到期的2.5億美元高級票據,以及銀團貸款和其他債務償還等。 因此儘管奧園預計很快就會敲定更多的資產處置和融資計劃,標普仍認爲計劃的執行和時間都有很大的不確定性。
另外,標普預計,奧園未來6到12個月銷售可能會保持疲軟,今明兩年合同銷售額將下降3%至5%,這將限制奧園還款壓力和使用內部資源恢復流動資金的能力。
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