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Rating Action:

Moody's assigns B2 to Golden Wheel Tiandi's proposed USD notes

06 Jan 2020

Hong Kong, January 06, 2020 -- Moody's Investors Service has assigned a B2 senior unsecured rating to the proposed USD bond to be issued by Golden Wheel Tiandi Holdings Company Limited (B2 stable).

The bond proceeds will be used by Golden Wheel mainly to refinance its existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Golden Wheel's debt maturity profile and will not have a material impact on its credit metrics," says Cedric Lai, a Moody's Vice President and Senior Analyst.

Moody's points out that Golden Wheel's B2 corporate family rating reflects its (1) good track record in developing integrated commercial and residential property projects in Nanjing; (2) stable recurring income from investment properties; and (3) track record of prudent financial management; with the company cautiously expanding its operations.

On the other hand, Golden Wheel's credit profile is constrained by its small operating scale, weak liquidity and volatile credit metrics because of its small operating scale and geographic concentration.

Moody's expects that Golden Wheel's adjusted EBIT/interest and revenue/adjusted debt will improve to around 1.8x and 25%-35% respectively over the next 12-18 months from 1.6x and 17% for the 12 months ended 30 June 2019. These ratios are in line with its B2 ratings, given the company's stable recurring income.

Golden Wheel's liquidity position is weak. Moody's expects that the company's cash holdings and operating cash flow will be insufficient to cover its short-term debt and committed land payments over the next 12 months.

In terms of environmental, social and governance factors, Moody's considers the company's concentrated ownership by the Wong family, who held a 39.16% stake in the company at 30 July 2019. Moody's also considers the company's established internal governance for the disclosure of material related-party transactions, as required by the relevant codes for companies listed on the Hong Kong Stock Exchange.

The stable ratings outlook reflects Moody's expectation that the company will refinance its maturing debt , adopt a disciplined approach to expansion, and maintain a stable recurring income stream.

Upward ratings pressure could emerge, if Golden Wheel: (1) expands its scale through stable revenue growth, and maintains a stronger and less volatile financial profile; or (2) maintains solid liquidity.

Credit metrics that could trigger an upgrade include: (1) net rental income that covers 1.0x of gross interest expenses; (2) a revenue to debt ratio above 60%-70%; and (3) a cash to short-term debt ratio above 1.3x on a sustained basis.

Moody's could downgrade the ratings if Golden Wheel: (1) experiences a significant decline in sales or rental income; (2) materially increases its debt-funded investment projects; or (3) fails to maintain adequate liquidity.

Credit metrics that could trigger a ratings downgrade include: (1) a net rental income to gross interest ratio below 0.3x; (2) an adjusted EBIT to gross interest ratio below 1.5x on a sustained basis; or (3) a cash to short-term debt ratio below 1.0x.

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 in January 2013, Golden Wheel Tiandi Holdings Company Limited is an integrated commercial and residential property developer, owner and operator, focused on projects in Jiangsu and Hunan provinces. Its projects are either connected or close to metro stations or other transportation hubs.

The company also engages in the leasing and operational management of shopping malls owned by third parties.

At 30 June 2019, the company's land bank totaled 1.79 million sqm in gross floor area, situated in Nanjing, Yangzhou, Changsha, Wuxi, Zhuzhou and Hong Kong.

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.

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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.

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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.

Cedric Lai
Vice President - Senior 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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