穆迪將萬科(02202.HK)評級下調至「Baa3」 展望負面
評級機構穆迪宣布,將萬科(02202.HK)的發行人評級從「Baa1」下調至「Baa3評級」,並將全資子公司萬科置業(香港)所發行的中期票據及優先無擔保債券評級一併下調。穆迪對萬科展望為負面,今年9月穆迪曾將萬科列入評級可能下調的觀察名單。
穆迪高級副總裁Kaven Tsang表示,評級下調反映萬科合約銷售疲軟,今年首十個月表現跑輸大市,預計公司的信貸指標及流動性緩衝將在未來12至18個月內減弱,預測調整後債務對EBITDA比率將提升到4.5至5倍,息稅前利潤對借貸利息覆蓋比率則預料下降到4至4.5倍。
同時,考慮到萬科未來12至18個月的再融資需求龐大,穆迪認為其面對的融資不確定性,將限制財務靈活度,令萬科在房地產市場中處於較弱勢地位。穆迪預測萬科今明兩年合約銷售額將按年下跌10%,歸因於消費者信心疲軟,而且公司主要是在一線城市發展,因此較受影響。
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