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惠誉首次授予狮桥资本‘B+’的评级,展望稳定
July 11, 2017 / 3:02 AM / a month ago

惠誉首次授予狮桥资本‘B+’的评级,展望稳定

(The following statement was released by the rating agency) TAIPEI, July 10 (Fitch) 本文章英文原文最初于2017年7月7日发布于:<a href="https://www.fitchratings.com/site/pr/1026182">Fitch Assigns Lionbridge Capital First-Time Rating of 'B+'; Outlook Stable 惠誉评级已授予狮桥资本有限公司(狮桥资本)‘B+’的长期发行人违约评级,展望稳定。 惠誉同时授予New Lion Bridge Co., Ltd.拟发行的高级无抵押票据‘B(EXP)’的预期评级,以及‘RR5’的回收率评级。New Lion Bridge是为代表狮桥资本发行境外票据而设立的特殊目的机构。拟发行票据的最终评级将取决于惠誉最终收到的文件与已收到文件是否一致。 狮桥资本于2011年在香港成立,是一家投资控股公司。贝恩资本是狮桥资本的最大股东,对其控股80%,其次是Wisin Capital,控股20%。狮桥中国是狮桥资本2012年于北京成立的全资子公司,为狮桥资本旗下的主要运营子公司,其资产约占集团资产总额的97%。狮桥中国在中国提 供卡车租赁和设备融资服务。卡车租赁和医疗、制造业及农业设备融资的应收账款分别占应收租赁款总额的42%和49%左右。 截至2016年底,狮桥资本的总资产约为95亿人民币(包括狮桥中国的总资产约92亿元人民币)。 关键评级驱动因素 发行人违约评级 狮桥资本‘B+’的发行人违约评级反映集团整体的信用状况,因为狮桥资本与狮桥中国两者高度整合,并且由于狮桥中国是外资租赁公司,故两家公司之间资金流动的资本管制程度 较低。该评级体现出公司的运营历史较短、对批发融资的依赖程度较高、盈利能力较弱、且杠杆率高于其他由惠誉授予评级的租赁公司。该评级亦考虑了公司着重于卡车租赁利基市场 的特点、在该领域的市场地位、应收账款与债务到期日间的缺口较小、以及租赁资产所产生的现金流。 狮桥资本在过去较短的运营过程中一直在微调整其商业战略。公司将重心从设备融资转移至卡车租赁的利基市场,尤其是针对主要在运输和物流行业工作的特约卡车司机。这些零售客 户的信用状况普遍弱于公司或机构客户,但快速发展的网络购物行业导致配套的物流需求迅速增长,因此创造了对这些司机提供的服务的强大需求,并支持了他们的偿债能力。狮桥资 本尚未经历过经济衰退的周期,因此其商业模式的可持续性仍有待考验。 应收款项亦得益于流通性较佳的二手卡车市场,在发生承租人违约的情况下,这有助于回收流程,目前公司的平均回收率约为85%。此外,狮桥资本的卡车租赁平均期限约为2年, 相比其他租赁公司更有利于其现金流的回收。 与其他租赁公司一样,狮桥资本高度依赖批发性融资,且更容易受到市场情况变动的影响。此外,公司的抵押资产和抵押债务的水平较高,导致其资金和流动性的弹性受限,并可能使 公司可以用来偿付其无抵押债务的资源减少。公司力求加强资金来源的多样性,并拓展进入中国国内债券市场的融资渠道,包括在境内发行资产支持证券,并于2016年在上海证券 交易所公开发行一笔五年期人民币债券。 2014-2016年期间,狮桥资本的总资产的年均复合增长率约为60%,增速超过内部资本生成的速度。因此,公司的杠杆率高于大部分由惠誉授予评级的同业,截至2016 年底,其净债务与有形普通股权益之比率达到约5倍。其较高的运营成本亦导致公司的盈利能力处于较低的水平。鉴于公司的预期资产增长和较低的盈利能力,我们预计其杠杆率将继 续保持在较高水平。 尽管公司的业务重心已经转移至收益率较高的卡车租赁业务,但其盈利能力不太可能显着改善,因为我们预计2017年中国的市场流动性状况将更加紧张。此种状况可能导致融资成 本上升,因此我们认为短期内公司的成本结构不会大幅改善。 惠誉评估认为公司的管理层质量、信用风险系统和风险管控措施的程度适中。然而,公司的管理层质量与稳定性、授信标准、风险管控系统以及财务状况的可持续性尚未经历经济衰退 周期的考验。 高级票据和回收率评级 New Lion Bridge拟发行的高级无抵押票据由狮桥资本提供担保,并且票据属于狮桥资本的一般性、无抵押、非次级的债务。票据所得收益将用于偿还狮桥资本的现有债务、补充运营资金 以及日常企业经营所需。该票据将与狮桥资本的其他无抵押、非次级债务具有同等位次,而其清偿顺序劣后于狮桥资本的抵押债务及狮桥中国的所有债务。公司有权选择赎回或回购票 据。如果发生控制权变更的情况,即贝恩资本对狮桥资本的股权降至特定水平以下、且债券评级被下调,则发行人或担保人将需要以高于面值的价格回购所有未清偿的债券余额。 评级敏感性 发行人违约评级和高级票据评级 如果狮桥资本的商业模式和财务状况能在经济周期中表现出可持续性,并且公司有能力巩固其在卡车租赁利基市场的地位,则惠誉可能对其采取正面评级行动。如果公司的资金和流动 性状况进一步改善,包括获得稳定的资金来源、加强流动性储备并进一步缩小应收租赁款和债务到期日之间的缺口,亦可能触发评级上调。 如果公司的流动性和资金状况及现金流恶化导致应收租赁款与债务到期日的负缺口显着扩大,则可能触发负面评级行动。如果公司的商业模式发生重大变化、风险偏好上升、或资本市 场混乱导致公司的资金来源中断,亦可能触发评级下调。 因为狮桥资本是票据的担保人,所以上述票据的评级敏感性因素与狮桥资本的发行人违约评级的敏感性因素一致。此外,票据的评级将受到回收率评级变化的影响,回收率评级将取决 于债券发行量与担保人无抵押资产的相对比例,以及这些无抵押资产的质量。 上述票据的评级亦受狮桥资本将以何种形式把发债所得注入狮桥中国所影响。如果狮桥资本以贷款及资本金注入狮桥中国的比率与我们的预期有重大差异,并导致狮桥资本的高级无抵 押票据的回收率大幅下降,则有可能触发评级下调。 联系人: 首席分析师 Katie Chen(陈冠如) 董事 +886 2 8175 7614 澳洲商惠誉有限公司台湾分公司 台北敦化北路205号13层1306室 第二分析师 Shirley Hsu(许书瑜) 联席董事 +886 2 81757606 评级委员会主席 Mark Young 董事总经理 +65 6796 7229 相关评级委员会日期:2017年6月30日与2017年7月6日 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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