惠誉授予华南城(01668.HK)拟发行美元高级票据「B」评级
惠誉评级公布,授予华南城(01668.HK)拟发行美元高级票据「B」的评级以及「RR4」的回收率评级。该拟发行票据将构成华南城的直接、高级无抵押债务,因此其评级与华南城的高级无抵押评级一致。华南城计划将该票据的净收益用於现有债务再融资。
惠誉预计,若华南城按照管理层的计划继续实施审慎的拿地政策并取得良好的销售业绩,则未来三年该公司的杠杆率将保持在50.0%以下。华南城的2020财年杠杆率大致稳定在43.6%。2020财年华南城拿地导致的现金流出从2019财年的16亿元降至3亿元。惠誉估计,2021财年华南城的购地款总额将增至占销售收入的10%至15%。
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