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Rating Action:

Moody's assigns B3 to Jiangsu Zhongnan's proposed USD notes

03 Jun 2019

Hong Kong, June 03, 2019 -- Moody's Investors Service has assigned a B3 senior unsecured rating to the proposed USD notes to be issued by Haimen Zhongnan Investment Development (International) Co., Ltd.

The outlook is stable.

The notes will be irrevocably and unconditionally guaranteed by Jiangsu Zhongnan Construction Group Co., Ltd. (B2 stable).

The proceeds of the notes will be used to refinance existing debt.

RATINGS RATIONALE

"The proposed notes issuance will lengthen Jiangsu Zhongnan's debt maturity profile and will not have a material impact on its credit metrics, because the proceeds will be used to refinance existing debt," says Danny Chan, a Moody's Assistant Vice President and Analyst.

Jiangsu Zhongnan's B2 corporate family rating (CFR) reflects the company's (1) strong sales execution and established brand name in property development in Jiangsu Province; and (2) large operating scale. The company also benefits from synergies between its property development and construction services segments.

However, the B2 CFR is constrained by Jiangsu Zhongnan's geographic concentration in Jiangsu Province,its exposure to risks associated with its rapid business expansion, and its moderate, but improving financial metrics.

The company achieved healthy 29% year-on-year contracted sales growth to RMB46.3 billion in the first four months of 2019, following 52% year-on-year growth in 2018. This sales performance will provide funding for the company's expansion and debt repayment, and supports future revenue growth.

Jiangsu Zhongnan's liquidity position is good, with cash/short-term debt at 1.9x at the end of March 2019.

The B3 senior unsecured rating is one notch lower than the company's CFR due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the operating subsidiaries. These claims have priority over Jiangsu Zhongnan's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the likely recovery rate for claims at the holding company will be lower.

The stable outlook reflects Moody's expectation that Jiangsu Zhongnan will (1) control its leverage while expanding its business; (2) achieve modest contracted sales growth; and (3) maintain stable liquidity over the next 12-18 months.

Jiangsu Zhongnan's CFR could be upgraded if (1) the company improves its financial position, for example by increasing its profit margin and lowering its leverage, while demonstrating stable growth in its property development and construction businesses; and (2) adjusted EBIT interest coverage exceeds 2.25x-2.50x and adjusted revenue/debt rises above 70% on a sustained basis.

On the other hand, downward rating pressure could emerge if (1) the company executes heavily debt-funded expansions or acquisitions, or both; (2) records negative contracted sales or revenue growth; (3) its liquidity deteriorates on a sustained basis; and (4) adjusted EBIT interest coverage falls below 1.0x and cash/short-term debt falls below 80% 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.

Jiangsu Zhongnan Construction Group Co., Ltd. is based in China's Jiangsu Province and principally engages in property development and construction services. The company was listed on the Shenzhen Stock Exchange in 2008. The company had a total land bank of around 43 million square meters as at December 2018.

Jiangsu Zhongnan was founded by Chen Jinshi, who has been engaged in the construction business in China since 1988, when he established the company.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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.

Danny Chan
AVP-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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