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惠譽降遠洋(03377.HK)長期外幣發行人違約評級至「B+」
惠譽評級已將中資房企遠洋集團(03377.HK)的長期外幣發行人違約評級自「BB」下調至「B+」,並將其高級無抵押評級自「BB」下調至「B+」,回收率評級為「RR4」。惠譽同時將遠洋集團6億美元次級永續債的評級自「B+」下調至「B-」,回收率評級為「RR6」。上述所有評級均仍處於負面評級觀察狀態。 本次評級下調是基於,遠洋集團的財務靈活性有所削弱。遠洋集團近期決定延期支付其6億美元次級永續債的票息——這意味著,儘管過去一年該公司進行了數次資產處置,但其流動性仍弱於惠譽先前預期。惠譽認為,遠洋集團的再融資風險(尤其是其2024年到期的資本市場債務的再融資風險)已升高。 本次維持負面評級觀察狀態的原因是,遠洋集團的融資渠道能否恢復依然存在不確定性,包括公司在境內發債方面能否取得進展以及能否繼續通過投資物業組合獲得新融資(後者可能會受到資產處置的影響)。穩定的銷售表現以及從聯合營運項目獲取現金的渠道亦是助力遠洋集團在2024年履行償債義務的關鍵因素。遠洋資本控股有限公司(遠洋資本;遠洋集團持股49%的聯營公司)的債務管理或對遠洋集團的財務靈活性構成傳染風險。 鑑於遠洋集團的最大股東中國人壽保險股份有限公司(中國人壽;A/穩定)為前者提供的支持,惠譽依據其《母子公司評級關聯性標準》,採用「母強子弱」的評級方法,基於遠洋集團「b」的獨立信用狀況上調一個子級得出發行人違約評級。
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