Quote | Super Quote
Super Quote   |   Detail Quote   |   Interactive Chart   |   Transaction   |   Related News   |   Related Securities   |   Company Information   |   Dividend Records   |   Short Sell
03333 EVERGRANDE
RTNominal unchange0.163 0.000 (0.000%)
Others

10/11/2017 14:33

Moody's upgrades Evergrande's rating to "B1"; outlook stable

[ET Net News Agency, 10 November 2017] Moody's Investors Service has upgraded China
Evergrande Group's corporate family rating to B1 from B2 and senior unsecured debt rating
to B2 from B3.
The outlook for the ratings is stable.
"The upgrade reflects our expectation that Evergrande will deleverage and maintain
sufficient liquidity in the next 12-18 months consistent with a corporate family rating of
B1," said Franco Leung, a Moody's Vice President and Senior Credit Officer.
Moody's expects that Evergrande's adjusted debt leverage -- measured by revenue/adjusted
debt -- will improve to 55%-65% over the next 12-18 months from around 41% for the 12
months ended June 2017 and around 32% in 2016. Such levels support the company's B1
corporate family rating.
The expected improvement in debt leverage will come from a combination of slow debt
growth consistent with the company's deleveraging plans as well as the maintenance of
positive growth in contracted sales.
Evergrande current business plan is to reduce its land reserves by 5%-10% per annum
between July 2017 and June 2020. This strategy will decrease its capital expenditure
requirements which will in turn reduce debt leverage.
Evergrande's sizable land reserves, which totaled 276 million square meters in gross
floor area at end-June 2017, will support its positive contracted sales growth. Moody's
expects the company to achieve contracted sales growth of around 10% in the next 12
months. This compared with the 33% year-on-year growth to RMB422 billion for the first
ten months of 2017 and 85% year-on-year growth to RMB373 billion for the full year 2016.
(KL)

Remark: Real time quote last updated: 19/09/2024 17:59
  Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service
A Member of HKET Holdings
Customer Service Hotline:(852) 2880 7004     Customer Service Email:cs@etnet.com.hk
Copyright 2024 ET Net Limited. http://www.etnet.com.hk ET Net Limited, HKEx Information Services Limited, its Holding Companies and/or any Subsidiaries of such holding companies, and Third Party Information Providers endeavour to ensure the availability, completeness, timeliness, accuracy and reliability of the information provided but do not guarantee its availability, completeness, timeliness, accuracy or reliability and accept no liability (whether in tort or contract or otherwise) any loss or damage arising directly or indirectly from any inaccuracies, interruption, incompleteness, delay, omissions, or any decision made or action taken by you or any third party in reliance upon the information provided. The quotes, charts, commentaries and buy/sell ratings on this website should be used as references only with your own discretion. ET Net Limited is not soliciting any subscriber or site visitor to execute any trade. Any trades executed following the commentaries and buy/sell ratings on this website are taken at your own risk for your own account.