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Xinyuan Real Estate Co.Ltd.’s Proposed U.S. Dollar Senior Unsecured Notes Assigned ‘B-‘ Rating

หน้าแรก > ข่าวธุรกิจ > Xinyuan Real Estate Co.Ltd.’s Proposed U.S. Dollar Senior Unsecured Notes Assigned ‘B-‘ Rating
ผู้โพส : Admin / วันที่โพส : 2018-03-12 22:15:03
คำค้นหา : Keyword: S&P Standard & Poor's S&P Global Ratings


Xinyuan Real Estate Co.Ltd.’s Proposed U.S. Dollar Senior Unsecured Notes Assigned ‘B-‘ Rating




          HONG KONG (S&P Global Ratings) March 12, 2018--S&P Global Ratings today assigned its 'B-' long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by Xinyuan Real Estate Co. Ltd. (B/Stable/--). The issue rating is subject to our review of the final issuance documentation. 
          The senior unsecured notes are rated one notch below the corporate credit rating because they rank behind a significant amount of secured debt in the capital structure, reflecting the subordination risk. We expect the Chinese developer to use the proceeds mainly for refinancing of existing debt. This partly eases pressure on the company's liquidity profile due to its large short-term debt. 
          We believe Xinyuan sales growth will moderate to around 20% in the next 12 months, with saleable resources skewed toward the second half of the year. This is because a significant part of the current land bank was purchased in the second half of 2017 and should be ready for launch later this year. The company's gross margin will likely stabilize at 23%-24% in the next 12 months.
          Xinyuan's credit rating is constrained by its high leverage and weakened liquidity due to its accelerated land acquisitions in 2017. We estimate that the developer's expenditures on land acquisitions and construction reached Chinese renminbi (RMB) 15 billion-RMB16 billion in 2017, and will remain high at RMB18 billion-RMB20 billion in 2018. This is commensurate with the company's growth target, increasing number of new projects, and small land bank. We therefore estimate a debt-to-EBITDA ratio at about 8.5x in 2017 and 2018, compared with 7x in 2016.
          The stable outlook reflects our expectation that Xinyuan will mildly increase its sales and margins over the next 12 months. We expect the company's leverage to remain stable but high over the period due to its need for land-reserve replenishment and construction expenditures.
 
 
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