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惠譽將力高集團(01622.HK)長期外幣發行人評級降至限制性違約 交換要約完成後上調至「CCC-」
阿思達克 04-25 17:43
評級機構惠譽將力高地產集團(01622.HK)的長期外幣發行人違約評級由「C」下調至「RD」,即限制性違約,主要由於力高已完成交換要約,惠譽將交換要約視爲不良債務交換(DDE)。 惠譽表示,在力高完成交換要約後對其公司狀況進行再評估,隨後又將其外幣發行人違約評級自「RD」上調至「CCC-」。力高的高級無抵押評級亦自「C」上調至「CCC-」,回收率評級維持在「RR4」。 惠譽提到,評級上調至「CCC-」是基於力高於今年4月8日完成不良債務交換(已將其債券期限延長9至12個月)後資本結構有所改善。然而,惠譽認爲力高仍面臨流動性挑戰,公司有約45億元人民幣境外債券將於明年到期,而其境外債券融資渠道可能仍不夠通暢。另外,合同銷售額持續下滑或繼續削弱力高的償債能力,因爲合同銷售回款是該公司流動性的主要來源。
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