惠譽確認美團(03690.HK)評級為「BBB-」 維持負面展望
惠譽評級已確認中國電商企業美團(03690.HK)的長期外幣發行人違約評級為「BBB-」,展望負面。惠譽同時確認美團的高級無抵押評級和其美元債券的評級為「BBB-」。
本次評級確認是基於美團在外賣領域佔據主導市場地位,且在細分本地生活服務領域擁有龐大的業務規模。此外,此次評級確認還受惠於美團的核心本地商業板塊龐大且不斷增長的現金流及公司的淨現金頭寸,這為該公司的新業務投資提供了支撐。
評級展望負面是基於美團的自由現金流復甦存在不確定性。若2022年第四季度以來不利的宏觀經濟環境未能阻止美團的盈利復甦並有望實現中性自由現金流,則惠譽將考慮將美團的評級展望調整至「穩定」。惠譽將著眼於可持續的經營性EBITDA正值,這得益於主營業務盈利能力的改善以及有節制的新業務投資。
2022年首九個月美團的強韌業績表現表明該公司正在復甦,但短期內仍存在不確定性,原因在於2022年第四季度中國取消防疫管控措施後美團的業務營運受到不利影響。
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