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Rating Action:

Moody's assigns Ba2 to Seazen's proposed USD notes

15 May 2019

Hong Kong, May 15, 2019 -- Moody's Investors Service has assigned a Ba2 senior unsecured rating to the proposed USD notes to be issued by New Metro Global Limited, and guaranteed by Seazen Holdings Co., Ltd. (Ba2 stable).

The proceeds of the notes will be used by Seazen mainly to repay its existing indebtedness.

RATINGS RATIONALE

"The proposed notes will provide term funding for Seazen to grow its business, as well as improve its liquidity and debt maturity profile," says Kaven Tsang, a Moody's Senior Vice President.

"The notes will not have a material impact on the company's credit metrics, because Seazen will use the proceeds for refinancing," adds Tsang, who is also Moody's Lead Analyst for Seazen.

Moody's projects that Seazen's adjusted revenue/debt and adjusted EBIT/interest coverage — including its share in joint ventures — will improve to 75%-80% and 4.0x-4.5x respectively over the next 12-18 months from 62% and 3.7x, in 2018. These ratios support the company's Ba2 corporate family rating (CFR).

Seazen's Ba2 CFR continues to reflect its strong sales execution, growing scale and broadened geographic coverage. In addition, the company's growing stream of recurring rental income from its leasing business can improve its overall profitability and reduce the cash flow volatility arising from the property sales business.

However, the rating also factors in its exposure to the regional economy of the Yangtze River Delta and sizeable business exposure to joint ventures.

Seazen's liquidity is good. The company's cash holdings of RMB45.4 billion at 31 December 2018 could cover 2.3x of its short-term debt as of the same date. Moody's also expects that Seazen's cash holdings and operating cash flow will likely cover its short-term debt and committed land payments over the next 12 months.

Moody's has not notched down the Ba2 backed senior unsecured bond rating. Although the majority of the company's claims are at the operating subsidiary level, its diversified business profile — with cash flow generation across a large number of operating subsidiaries and different business segments, covering both property development and property investment — mitigates structural subordination risks.

Moody's could upgrade Seazen's ratings if the company sustains its resilient sales through cycles, as well as strong liquidity and prudent financial management.

Specifically, upward ratings pressure could emerge if the company's (1) adjusted revenue/debt — including its share in joint ventures — exceeds 90% on a sustained basis; and (2) EBIT/interest coverage — including its share in joint ventures — stays above 4.25x, or recurring rental income/interest coverage trends towards 0.70x-0.75x on a sustained basis.

On the other hand, downward ratings pressure could emerge if the company's contracted sales growth slows and its credit metrics weaken, with its (1) EBIT/interest coverage — including its share in joint ventures — falling below 3.0x; or (2) adjusted revenue/debt — including its share in joint ventures — falling below 70%-75%.

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.

Seazen Holdings Co., Ltd. engages primarily in residential development and was founded in 1993 by Wang Zhenhua, who is also the chairman of the company. Seazen is a 67.1%-owned subsidiary of Future Land Development Holdings Limited (Ba2 stable), and the mainland-listed holding company of Future Land Group.

At the end of 2018, Seazen had a land bank spread across 77 cities in China, with a total gross floor area of around 110 million square meters.

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.

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.

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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.

Kaven Tsang
Senior Vice President
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

Chris Park
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.
© 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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​

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