穆迪下調澳博(00880.HK)企業家族評級至「Ba3」 維持觀察
評級機構穆迪表示,將澳博(00880.HK)企業家族評級(CFR)從「Ba2」下調至「Ba3」,同時將由Champion Path Holdings發行、並由澳博提供擔保的優先無擔保債券評級由「Ba3」降至「B1」,維持對澳博評級觀察,或進一步下調。
穆迪助理副總裁兼分析師Sean Hwang表示,評級下調主要由於澳博今明兩年博彩收入復甦前景較預期差,指出由於中國防疫限制令公司經營環境持續疲軟,預期澳博的財務槓桿將在未來幾年保持較高水平。
對澳博評級持續觀察,是反映澳博流動性較弱,他指出公司延遲以長期債務對到期的貸款進行再融資,預期要等到公司完成再融資,才可確認其評級。
穆迪預計,澳博的調整後債務在未來12至18個月內將增至約280億至290億元,考慮到債務可能增加及盈利復甦放緩,預測2023年澳博調整後債務對EBITDA比率將超過10倍,至2024年再降至4.5至5倍。
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