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穆迪確認碧桂園(02007.HK) 「Baa3」評級 展望降至「負面」
阿思達克 03-22 15:08
評級機構穆迪發表報告,確認碧桂園(02007.HK)發行人及高級無抵押評級「Baa3」,評級展望由「穩定」降至「負面」。穆迪副總裁Celine Yang稱,負面展望反映該行預期碧桂園未來12至18個月物業銷售及毛利率將下跌,在行業經營及融資環境困難下,離岸融資渠道轉弱;確認「Baa3」評級則反映碧桂園流動性良好,料其維持審慎財政管理及在多個在岸渠道取得融資。 該行料未來12至18個月碧桂園歸屬權益合約銷售跌15%至20%,至介乎4,200億至4,500億元人民幣(下同),去年則跌2%至5,580億元。這將削弱公司經營現金流、流動性緩衝及收入入賬。 同時,穆迪料碧桂園將提供折扣以提振合約銷售,壓抑毛利率。該行料未來12至18個月碧桂園息稅前盈利對利息覆蓋比將跌至介乎4.3至4.5倍,低於去年6月底止十二個月的4.6倍。
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