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標普將融信中國(03301.HK)評級展望下調至「負面」 隨後應公司要求撤銷評級
阿思達克 11-19 16:39
標普全球評級將融信中國(03301.HK)評級展望從「穩定」下調至「負面」,維持對融信中國「B」的長期發行人信用評級。該機構隨後應公司要求,撤銷了對融信的發行人信用評級。 標普預計,融信中國將在未來12個月內,通過其優質項目產生的現金,來應對其龐大的到期債務,然而再融資條件趨緊和持續疲軟的經營環境,仍將大幅增加公司再融資計劃的執行風險,即如果公司未能執行其銷售和現金回收計劃,融信償還即將到期的債券和其他債務義務的能力可能會減弱。 標普預計,融信中國今年合同銷售額爲1,550億至1,600億元人民幣(下同),明年合同銷售額爲1,400億至1,500億元,未來12個月將產生240億至270億元的經營現金流,認爲其中大部分可以用於償還到期債券。 標普指,10月以來,融信中國已償還境內債券15億元,並在公開市場部分回購了若幹境外債券,但其在年底仍要面臨約爲9億元的在岸和離岸債券到期或認沽期權,明年上半年到期的有65億元,明年下半年到期的有110億元。 標普估計,在償還債務下,融信中國的債務佔EBITDA比率將從去年的峯值9.4倍小幅減少至今年的8.5至9倍和明年的7.5至8倍,其合同銷售和收入增長可能會在未來兩年放緩,未來12個月毛利率爲 11%至13%。由於融信目前需要保持流動性而導致的低土地收購,也將削弱其從2023年起的可銷售資源。
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