惠譽調整越秀地產(00123.HK)評級展望至「穩定」 確認其「BBB-」評級
惠譽將越秀地產(00123.HK)的長期發行人主體評級展望,自負面調整至穩定,並確認其評級爲「BBB-」。惠譽同時確認越秀地產的高級無抵押評級、其子公司卓裕控股有限公司在越秀地產的擔保下發行的中票計劃評級以及該計劃下存量債券的評級爲「BBB-」。
評級展望調整至穩定是基於即使在2024年合同銷售額收縮期間越秀地產仍能產生正向經營現金流。惠譽預期,越秀地產的銷售額將在2025年回穩,因爲年初迄今該公司銷售業績表現強勁,加上持續補充土地儲備,爲公司在新房銷售超過全國平均水平的一線城市提供充足的優質可售資源。
越秀地產的獨立信用狀況爲「bb」,是基於該公司市場地位強勁、槓桿率適度,融資渠道暢通,但中國房地產市場進一步下行的風險猶存。惠譽基於母公司越秀集團爲越秀地產提供支持的強烈動機,上調兩個子級得出越秀地產的評級。越秀集團由廣州市人民政府國有資產監督管理委員會全資擁有。
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