惠譽將紫金礦業(02899.HK)評級下調至「BB+」 展望穩定
紫金礦業(02899.HK)日前宣布收購招金礦業(01818.HK)共6.54億股H股,料將成為招金第二大股東。評級機構惠譽表示,因應收購交易,將紫金礦業的長期發行人違約評級(IDR)及高級無抵押評級從「BBB-」下調至「BB+」,展望維持穩定。
惠譽指,此次下調反映紫金期望藉收購達至增長的積極發展意願,預期交易將導致公司槓桿表現出現波動,未能符合「BBB」類別評級。
該行預計紫金槓桿比率將在今年至2024年期間維持在2.2倍以上,若高於該水平,將採取負面評級行動。至於穩定展望,則反映惠譽預計紫金將繼續從其現有業務中,產生強勁營運現金流,有助於未來持續收購。
惠譽估計,雖然中期大宗商品價格或出現週期性下跌,但由於黃金和銅產量增加,紫金的營運資金將在2022至2024年期間保持在約290億至310億元人民幣水平。
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