惠譽降合生創展(00754.HK)評級至B 展望穩定
評級機構惠譽已將中資房企合生創展(00754.HK)的長期外幣發行人違約評級自B+下調至B,展望穩定。惠譽同時將合生創展的高級無抵押評級及其存續高級債券的評級自B+下調至B,回收率評級為RR4。
惠譽指,評級下調反映近幾個月來公司和行業層面的銷售表現欠佳導致合生創展的流動性緩衝減少。集團今年為保留現金用於償還債務限制了拿地,但如果銷售進一步疲軟將導致自由現金流減少,迫使合生創展更加依靠現有現金和其他流動性來源來應對即將到期的債務。
合生創展的銷售渠道位於需求仍強勁的一線城市,這為其評級提供支撐。惠譽認為,經營性現金流及現有現金足以償付2023年12月至2024年6月到期的債券和銀團貸款。此外,得益於優質的資產基礎,合生創展仍保持穩健的境內銀行融資渠道。
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