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Rating Action:

Moody's assigns Baa3 to Poly Developments' proposed USD notes

 The document has been translated in other languages

13 Mar 2019

Hong Kong, March 13, 2019 -- Moody's Investors Service has assigned a Baa3 senior unsecured rating to the proposed USD notes to be issued by Poly Real Estate Finance Ltd.

The bonds will be guaranteed by Hengli (Hong Kong) Real Estate Limited (Baa3 stable), a 100%-owned subsidiary of Poly Developments and Holdings Group Co., Ltd. (Poly Developments, Baa2 stable).

In addition to the guarantee from Hengli, the proposed bonds will be supported by a deed of equity interest purchase undertaking between Poly Developments and the bond trustee, as well as a keepwell deed between Poly Developments, Hengli, Poly Real Estate Finance Ltd and the bond trustee.

The proceeds will be used to refinance Poly Developments' and Hengli's existing indebtedness.

RATINGS RATIONALE

"The new issuance will lengthen Poly Developments' and Hengli's debt maturity profiles and will not materially affect the two companies' credit metrics, because the proceeds will be mainly used for refinancing," says Kaven Tsang, a Moody's Senior Vice President.

Hengli's Baa3 issuer rating continues to reflect its ba3-level standalone credit profile and a three-notch rating uplift, based on Moody's expectation that Poly Developments will provide financial support to Hengli, in times of stress.

The support assessment takes into consideration Poly Developments' full ownership and track record of providing support to Hengli. The support assessment also factors in Moody's expectation that Hengli will remain strategically important in diversifying Poly Developments' funding sources to include long-term offshore funding.

Hengli's standalone credit profile reflects its small scale and Moody's expectation that the company will continue to grow in size over the next two to three years, which will in turn enhance its operating and financial profiles.

The standalone credit profile also factors in the operational and financial benefits arising from Hengli's close linkages to its parent, Poly Developments, such as the parent's brand, execution and management expertise, diversified sales network, as well as Poly Developments' good access to funding, given its state-owned enterprise background.

On the other hand, Hengli's standalone credit profile is constrained by its volatile performance, owing to its small scale and limited diversification compared with other Ba-rated Chinese property peers, as well as its high debt leverage.

Moody's expects that Poly Developments will have the ability to provide support to Hengli, if needed.

Poly Developments' Baa2 issuer rating reflects its: (1) leading market position as one of the largest residential developers by contracted sales in China; (2) strong sales execution, supported by its mass-market products and fast-turnover business model; (3) nationwide coverage; and (4) strong liquidity and adequate access to land and funding by virtue of its status as a state-owned enterprise.

Poly Developments' contracted sales grew 30.9% year-on-year in 2018 to RMB405 billion, after growing 47.2% year-on-year to RMB309 billion in 2017. The company's contracted sales will support its future revenue growth.

Hengli's stable rating outlook reflects Moody's expectation that Poly Developments will provide Hengli with financial and operational support in times of need, and that over the next 12-18 months, Hengli's scale will continue to grow and its financial metrics will remain at levels supportive of its standalone credit profile.

A near-term rating upgrade is unlikely, given Hengli's small operating scale and volatile financial metrics.

Nevertheless, upward rating pressure could emerge if: (1) Hengli successfully executes its business plan and substantially improves its scale and diversification to reduce sales and earnings volatility; (2) the company improves its financial profile, with EBIT/interest exceeding 4.0x-4.5x on a sustained basis; and/or (3) Moody's upgrades Poly Developments' rating.

On the other hand, a downgrade of Poly Developments' rating could lead to a similar downgrade of Hengli's rating.

Furthermore, any evidence of: (1) a material reduction in the strategic importance of Hengli to Poly Developments; or (2) a decline in ownership by or weakening in support from Poly Developments, would also be negative for Hengli's rating.

Hengli's rating could also come under downward pressure if the company: (1) fails to execute its business plan, such that its scale, sales and operating cash flow generation are weaker than Moody's expects; or (2) materially accelerates its development activities and implements an aggressive land acquisition plan, such that its liquidity weakens or EBIT coverage of interest falls below 2.5x 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.

Incorporated in Hong Kong in 2006, Hengli (Hong Kong) Real Estate Limited is wholly owned by Poly Developments and Holdings Group Co., Ltd. and is Poly Developments' primary offshore investment and funding platform.

Founded in 1992, Poly Developments is one of the largest property developers in China (A1 stable), with contracted sales of RMB405 billion in 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.

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

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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