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Rating Action:

Moody's assigns Ba3 to Greenland Hong Kong's proposed senior notes

08 Jul 2019

Hong Kong, July 08, 2019 -- Moody's Investors Service has assigned a Ba3 rating to the proposed senior unsecured USD notes to be issued by Greenland Hong Kong Holdings Limited (Ba2 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will be used to refinance existing debt.

RATINGS RATIONALE

"The issuance of the proposed notes will not materially affect the company's financial profile or Ba2 corporate family rating, because the proceeds will be used to refinance existing debt," says Danny Chan, a Moody's Assistant Vice President and Analyst, and also Moody's Lead Analyst for Greenland Hong Kong.

Greenland Hong Kong's Ba2 corporate family rating (CFR) includes a two-notch rating uplift, based on Moody's expectations that the company will receive strong support from Greenland Holding Group Company Limited (Ba1 stable) in times of need.

Greenland Hong Kong's standalone credit profile reflects its developing but well-located land bank, and Moody's expectation that it will grow in size through organic expansion and increased levels of operational integration with its parent. Its standalone credit profile also takes into consideration the parent company's support for Greenland Hong Kong's operations and access to funding.

In addition, Greenland Hong Kong's plan to sell a property project in Shanghai's South Bund area to Brookfield Asset Management Inc., if it eventuates, will improve the company's capital structure and liquidity buffer.

Moody's expects Greenland Hong Kong's pro forma debt leverage, as measured by revenue/adjusted debt, to improve to 85%-90% over the next 12-18 months from 80% in 2018. Its pro forma interest-servicing ability, as measured by EBIT/interest, is also likely to improve to 3.8x-3.9x over the same period from 3.7x in 2018.

Greenland Hong Kong's liquidity is adequate. In particular, Moody's expects its cash balance and the likely cash proceeds from the project disposal, will be sufficient to cover its upcoming debt maturities and other committed obligations.

The company's liquidity profile is also supported by the state-owned background of its parent.

Greenland Holding's status as a state-owned enterprise of the Shanghai Municipal Government and its own refinancing track record provide a certain level of assurance that it can refinance its debt through domestic and offshore channels and provide support to Greenland Hong Kong in times of need.

The Ba3 senior unsecured rating for the proposed notes is one notch lower than Greenland Hong Kong's Ba2 CFR, reflecting the risk of structural subordination, given the fact that the majority of claims are at the operating subsidiaries and have priority over claims at the holding company in a bankruptcy scenario.

In addition, the holding company lacks significant mitigating factors for structural subordination, reducing the likely recovery rate for claims at the holding company level.

The stable outlook for Greenland Hong Kong's ratings reflects Moody's expectation that the parent company will provide Greenland Hong Kong with financial and operational support in times of need, and that Greenland Hong Kong's standalone credit profile will remain stable over the next 12-18 months.

Moody's could upgrade Greenland Hong Kong's CFR if (1) Moody's upgrades the parent company's rating; and (2) Greenland Hong Kong can: (a) successfully implement its business plan; (b) improve its scale and diversity; and (c) improve its credit metrics, such that debt leverage — as measured by revenue/adjusted debt— is above 85%-90%, and adjusted EBITDA/interest rises above 3x-3.5x on a consistent basis.

On the other hand, Greenland Hong Kong's ratings could come under downward pressure if the company: (1) fails to generate operating cash flow to maintain its liquidity buffer; (2) fails to maintain contracted sales and revenue growth; or (3) materially accelerates development, and executes an aggressive land acquisition plan or acquisitions, such that debt leverage — as measured by revenue/adjusted debt — falls below 60%-65% on a sustained basis.

Any evidence of a reduction in ownership or weakening of support from its parent, or a downgrade of the parent's rating, will result in a downgrade of Greenland Hong Kong's ratings.

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.

Greenland Hong Kong Holdings Limited is principally engaged in the development of large-scale, high-quality residential communities, city center integrated projects, and travel and leisure projects that target the middle- to high-end customer segment.

At 28 March 2019, the company's land bank totaled 20 million square meters, located in key cities in the Pan-Yangtze River Delta and Pan-Pearl River Delta.

Greenland Holding Group Company Limited owned 59.11% of Greenland Hong Kong at 31 December 2018.

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.

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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