惠譽將正榮(06158.HK)評級下調至「C」 移出負面評級觀察名單
惠譽評級將正榮地產(06158.HK)的長期發行人違約評級從「B」下調至「C」,並將其高級無抵押評級從「B」下調至「C」,回收率評級為「RR4」。惠譽已將上述評級移出負面評級觀察名單。
正榮日前宣布就多項票據提出交換要約,此前公司透露擬於3月贖回2億美元優先永續資本證券。惠譽表示,交換要約及同意徵求令現有票據的條款發生實質性縮減,贖回日實際延長,正榮亦不再基於首個遞增率派息,依據其標準將正榮的行動視作不良債務交換,若正榮成功完成擬議交換要約和同意徵求,惠譽將下調其發行人違約評級至「RD」(限制性違約)。
惠譽認為,正榮目前基本無法通過資本市場募集資金,不得不依靠不斷縮減的內部現金來源應對償債問題,預計未來12個月面臨的資本市場債務再融資壓力將日益加大,甚至可能要以合同銷售額款項償付境內外資本市場到期債券。
惠譽表示,隨後將重新評估正榮的信用狀況,得出與該公司徵求同意後的資本結構和風險狀況相稱的發行人違約評級。
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