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Research Report

24/06/2020 10:03

Moody's changes outlook on Evergrande (03333) to negative

[ET Net News Agency, 24 June 2020] Moody's Investors Service has changed the outlooks
on the ratings of China Evergrande Group (03333), Hengda Real Estate Group Company Limited
(Hengda), Tianji Holding Limited (Tianji) and Scenery Journey Limited (Scenery Journey) to
negative from stable.
At the same time, Moody's has affirmed the following ratings:
Evergrande's B1 corporate family rating (CFR) and B2 senior unsecured debt rating;
Hengda's B1 CFR;
Tianji's B2 CFR; and
The B2 backed senior unsecured rating on the notes issued by Scenery Journey and
guaranteed by Tianji. The notes are also supported by a keepwell deed and a deed of equity
interest purchase undertaking between Hengda, Tianji, Scenery Journey, and the bond
Hengda is a 63.5%-owned onshore subsidiary of Evergrande. It also owns 100% of Tianji,
which in turn owns 100% of Scenery Journey.
"The negative outlook reflects our concerns over Evergrande's ability to materially
reduce its high level of short-term debt, high debt leverage and still high proportion of
trust loans in its total debt over the next 12-18 months," said Cedric Lai, a Moody's Vice
President and Senior Analyst. "In addition, the negative outlook also reflects our concern
over its ability to improve its weakened profit margins amid deteriorating economic
conditions and our negative outlook for the China property sector." (KL)

Remark: Real time quote last updated: 18/09/2020 17:59
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