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03333 EVERGRANDE
RTNominal down14.020 -0.140 (-0.989%)
Research Report

25/09/2020 11:52

Evergrande's outlook revised to negative; rating affirmed

[ET Net News Agency, 25 September 2020] S&P Global Ratings revised the outlooks on
China Evergrande Group (03333), the company's property arm Hengda Real Estate Group Co.
Ltd., and offshore financial platform Tianji Holding Ltd. to negative from stable.
At the same time, the credit rating agency affirmed its'B+' long-term issuer credit
ratings on the three companies and its 'B' long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji.
S&P believes Evergrande's liquidity is weakening amid the continual increase in
short-term debt obligations and potential repayment of a portion of its China domestic
"A-share" strategic investments in January 2021.
The deterioration is partly mitigated by the China-based property developer's good
contracted sales and active capital-raising plans, as well as management's focus on
improving leverage and liquidity amid regulatory tightening.
The negative outlook on Evergrande reflects S&P's view of the increasing liquidity
pressure on the company over the next six months, partly due to the imbalance in the
capital structure. It also reflects S&P's expectation that Evergrande's margin will
decline, weighing on its leverage. (KL)

Remark: Real time quote last updated: 13/04/2021 17:59
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