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穆迪將越秀房產信託基金(00405.HK)評級展望調整為審查中
阿思達克 03-14 09:41
評級機構穆迪給予越秀房地產投資信託基金(00405.HK)的發行人評級為「Baa3」及將其評級展望從「負面」調整為正在審查中。 穆迪解釋,降級審查反映了越秀房託的經營業績弱於預期,以及該公司的經營復甦和積極去槓桿化,是否足以將其信用狀況改善至支持其當前「Baa3」發行人評級的水平的不確定性。穆迪認為,公司復甦需時,需時尋找新租戶以提高旗下各類物業的入住率。 由於2022年疫情捲土重來和中國採取相關封鎖措施帶來的經濟不確定性,該房地產投資信託基金的寫字樓、零售和批發物業的入住率於去年均下降了6-10個百分點。因此,以淨債務/EBITDA衡量的越秀房託的債務槓桿率已從2021年的14倍降至2022年的16倍左右。 穆迪續稱,集團以EBITDA 利息覆蓋率衡量的利息償付能力也從3.6倍大幅惡化至2.2倍,部分原因是離岸融資利率上升導致2022年利息支出按年增長66%。與該地區受評REIT同行相比,這些關鍵信用指標不支持其投資級評級。越秀房托將繼續面臨高浮息借款風險。因此,在更高的離岸利率環境下,其融資成本將繼續上升。(ca/k) ~
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