惠譽:中國工程建設企業信用狀況明年將延續兩極分化格局
惠譽評級預期,驅動明年中國工程建設企業信用基本面的關鍵因素將與今年大致相同。未來一年,房地產行業或維持疲態,而基礎設施投資有望繼續增長。
惠譽預計,明年中國工程建設企業的信用狀況將繼續呈兩極分化態勢。惠譽認為,國有企業,尤其是央企,將擴大市場份額並鞏固領先地位。相比之下,房地產項目敞口較大的民營企業仍將艱難求生。
惠譽認為,根據政府和社會資本合作(PPP)項目新指導意見,PPP新機制將聚焦使用者付費項目,且項目模式範圍縮窄,須全部採取特許經營模式,這將大幅縮小PPP項目市場規模。因此,惠譽授評工程建設企業與PPP項目相關的經營性現金流出可能受到制約。但短期內影響可能有限,因為建設PPP項目仍需大量現金支出。
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