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标普将万达商业列入负面观察名单:公司业务策略缺乏透明度
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Topic: 标普将万达商业列入负面观察名单:公司业务策略缺乏透明度 (Read 140 times)
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标普将万达商业列入负面观察名单:公司业务策略缺乏透明度
July 18, 2017, 05:23:37 AM
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7月17日,国际三大评级机构之一的标普发布报告,将万达商业评级列入负面观察名单。评级为“BBB-”。
标普在报告中表示,万达商业中的旅游项目和酒店的销售可能会减弱其商业地位,并且这对于万达的杠杆使用具有不确定性。此外,标普还强调,万达商业的业务策略缺乏透明度和执行力,包括万达商业策略的有限可见性以及未来两年的财务状况。
万达系多只债券午后转跌,15万达01截至收盘报97元,跌幅1.22%;16万达02报95.11元,跌幅1.36%。
7月10日,万达集团在其官网宣布,融创房地产分别以295.75亿元和335.9526亿元收购大连万达商业13个文化旅游项目及76家城市酒店,这笔交易总代价为631.7亿元。
标普称,这笔交易之后,万达商业将留有50%以下的土地储备。
在报告中标普表示,并不能确定万达商业的影响力是否会得到改善,因为万达商业没有致力于消减债务计划。此外,标普表示,目前不清楚万达是否会完全放弃房地产这一资本密集型的业务。万达商业在2016年从房地产销售中获得的现金收入接近1000亿元,其中78%的收入来自房地产开发。
标普将万达出售拥有大部分土地储备的万达城项目和酒店称之为“出人意料”的举动。
报告中提到,标普认为这笔交易“所造成的损失将抵消债务减少带来的好处,突然且数额巨大的交易损害了公司稳定性,预计万达商业地产的销售额和收入将下滑。”
在万达和融创的协议中提到,万达在收到融创支付的335.95亿元之后,万达通过指定银行向融创发放贷款296亿元(期限为三年,利率为银行三年期贷款基准利率),融创收到贷款后2日内,向万达支付剩余款项,即295.75亿元。
标普认为,万达商业通过银行向融创贷款进行融资的行为,其业务结构的突然变化已经减少了公司战略和财务状况的可预见性。并且,到目前为止,万达商业的透明度和信息披露对投资者来说非常有限。
在提到万达商业在A股上市的时候,标普称,目前不确定这笔交易是否会影响万达商业在A股上市的进程。因为这样一笔规模庞大的资产处置是否会使其上市变得复杂并延迟上市时间。
除了标普之外,另一国际评级机构穆迪此前也表示,将继续关注万达商业地产的业务转型。若转型导致公司资金缺口加大,因此不得不举借更多债务,或流动性恶化程度超出穆迪预期,则其Baa3的发行人评级可能承压。若万达商业地产大举扩大轻资产型购物中心开发业务,或进入资金需求更大的其他业务领域,由此导致其无法按计划实现降杠杆,则其评级也可能面临压力。
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