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Rating Action:

Moody's assigns B3 to Jiayuan's proposed USD notes

11 Oct 2019

Hong Kong, October 11, 2019 -- Moody's Investors Service ("Moody's") has assigned a B3 senior unsecured rating to the proposed notes to be issued by Jiayuan International Group Limited ("Jiayuan") (B2 stable).

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

RATINGS RATIONALE

"The proposed bond issuance will provide Jiayuan with additional liquidity and lengthen its debt maturity profile, while the impact on the company's credit metrics will be limited, because it will use the proceeds to refinance existing debt," says Josephine Ho, a Moody's Vice President and Senior Analyst.

Jiayuan's B2 corporate family rating (CFR) reflects (1) the company's track record in its core markets in Jiangsu Province; and (2) its low-cost and quality land bank. These strengths support the company's business growth plan and give it pricing flexibility in a down-cycle.

However, the B2 CFR is constrained by Jiayuan's small operating scale, its moderate geographic diversification, and the execution risks associated with its rapid growth plan.

Moody's expects that Jiayuan's contracted sales will grow to RMB25 billion-RMB30 billion over the next 12-18 months from RMB20 billion in 2018. In the first eight months of 2019, the company's contracted sales grew 50% to RMB16 billion.

Moody's also expects that Jiayuan's projected credit metrics will support its B2 CFR. Specifically, Moody's expects revenue/adjusted debt will improve to around 70% and EBIT/interest will remain around 3.0x over the next 12-18 months, compared to 68% and 3.2x for the 12 months to 30 June 2019.

In terms of environmental, social, and governance (ESG) factors, Moody's has considered the risks associated with the concentration of the company's ownership in Mr. Shum, who held a 69.3% stake as of August 2019, and with Mr. Shum's share pledge financing.

Given the company's listed status, Jiayuan is subject to the Hong Kong Listing Rules and Securities and Future Ordinance. In addition, Mr. Shum has demonstrated its commitment by injecting assets to strengthen the company's operations and equity base, and by reducing his share pledge loan to lower the risk of a change in control.

Jiayuan's liquidity is adequate. Moody's expects that the company's cash holdings, together with contracted sales proceeds after deducting basic operating cash flow items, will enable it to meet its refinancing needs over the next 12-18 months. Jiayuan's reported cash holdings of RMB5.7 billion as of 30 June 2019 covered 117% of its short-term debt. The company's refinancing of maturing USD bonds over the last 2-3 months has also lengthened its debt maturity profile.

The B3 senior unsecured rating on the USD notes is one notch lower than the 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 Jiayuan'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 ratings outlook reflects Moody's expectation that (1) Mr. Shum will not materially increase his share pledge financing, (2) the company's liquidity will remain adequate, with continued access to the onshore and offshore loan and debt capital markets; and (3) the company will grow its sales and maintain cash collection as planned over the next 12-18 months.

Moody's could upgrade the ratings if Jiayuan (1) grows its business while achieving its credit metrics, with adjusted revenue/debt rising above 70% and EBIT/interest higher than 3.0x on a sustainable basis; (2) maintains adequate liquidity, with cash/short-term debt consistently above 1.5x; and (3) keeps the risk of a change of control at a low level.

Moody's could downgrade the ratings if Jiayuan's (1) liquidity profile weakens; (2) risk of a change in control increases; or (3) contracted sales or revenue prove weaker than Moody's had expected, leading to a deterioration in the company's credit metrics.

Credit metrics indicative of a downgrade include adjusted revenue/debt below 55%, EBIT/interest below 2.0x, or cash/short-term debt below 1.0x, all 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.

Jiayuan International Group Limited develops mass-market residential properties mainly in Jiangsu and Anhui provinces. The company had a total land bank of around 13 million square meters at the end of August 2019. It also develops and operates commercial properties alongside its residential property projects.

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.

Josephine Ho
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

Peter Choy
Senior Vice President
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.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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