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Rating Action:

Moody's assigns B1 to Sunac's proposed USD notes

29 Oct 2019

Hong Kong, October 29, 2019 -- Moody's Investors Service has assigned a B1 senior unsecured rating to Sunac China Holdings Limited's (Ba3 stable) proposed USD notes.

The company plans to use the proceeds from the issuance mainly to refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Sunac's debt maturity profile and will not have a material impact on its credit metrics, because it will mainly use the proceeds to refinance existing debt," says Danny Chan, a Moody's Assistant Vice President and Analyst.

Sunac's Ba3 corporate family rating (CFR) reflects its strong sales execution, leading brand and market position in China's Tier 1 and Tier 2 cities, as well as the good quality of its land bank. The rating also considers Sunac's good liquidity profile, driven by its rapid asset turnover business model.

However, the CFR is constrained by Sunac's modest credit metrics, a result of the company's business expansion and the sizable acquisitions made in the past two to three years.

The company's investments in non-property businesses and large-scale acquisitions of land bank in the past have also reduced the stability of its cash flow and credit metrics.

Nevertheless, Moody's expects that the company's credit metrics will improve over the next 12-18 months.

Specifically, Moody's expects Sunac's revenue/adjusted debt (including adjustments for its shares in joint ventures and associates) will trend towards 75% over the next 12-18 months from around 60% for the 12 months ended June 2019, supported by an expected increase in revenue recognition and controlled spending on land purchases and non-property investments.

Likewise, Moody's expects Sunac's EBIT/interest (including adjustments for its shares in joint ventures and associates) will improve to around 3.0x from around 2.8x over the same period.

The expected increase in revenue is driven by the company's strong contracted sales in the past 1-2 years.

Moody's expects the company's contracted sales will remain solid over the next 1-2 years, supported by its established brand name, quality products and sizable saleable resources of around RMB572.2 billion for the second half of 2019.

Sunac reported 16% year-on-year growth in contracted sales to RMB369.5 billion for the nine months ended 30 September 2019, following 27% and 140% growth in 2018 and 2017.

Sunac's liquidity is strong. The company's cash holdings of RMB138 billion as of 30 June 2019 covered about 114% of short-term debt as of 30 June 2019. Moody's expects its cash holdings, together with expected operating cash inflow, will be sufficient to cover its short-term debt, land purchases, dividend payments, as well as capital spending and payables for its previous acquisitions, over the next 12 months.

In terms of environmental, social and governance (ESG) factors, Sunac's Ba3 CFR incorporates the company's concentrated ownership, its history of making sizable acquisitions and investments, and its large investments in joint ventures.

The B1 senior unsecured debt rating is one notch lower than the corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Sunac's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination.

The stable outlook reflects Moody's expectation that the company will maintain healthy growth in contracted sales and revenue, improve its profitability, control its investments in non-property businesses and continue to deleverage over the next 12-18 months.

Upward ratings pressure could emerge if Sunac: (1) demonstrates its ability to exercise restraint in its non-core business investments; (2) maintains its solid liquidity position; and (3) improves its credit metrics, such that adjusted revenue/debt rises above 95%-100% and adjusted EBIT/interest rises above 3.5x-4.0x on a sustained basis.

However, the ratings could be downgraded in case of: (1) a material decline in its contracted sales; (2) a weakening liquidity position; (3) substantial investments in non-property development businesses; or (4) weakening credit metrics, such that adjusted revenue/debt falls below 60%-70% and adjusted EBIT/interest drops below 2.5x-3.0x on a sustained basis.

The principal methodology used in this rating was Homebuilding And Property Development Industry published in January 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Listed on the Hong Kong Stock Exchange on 7 October 2010, Sunac China Holdings Limited is an integrated residential and commercial property developer with projects in China's main economic regions. The company develops a diverse range of properties, including high-rise and mid-rise residences, detached villas, town houses, retail properties, offices and car parks.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Danny Chan
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Franco Leung
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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