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Rating Action:

Moody's confirms Panda Green's CFR at Caa1 following Beijing Energy's investment; outlook stable

 The document has been translated in other languages

20 Feb 2020

Hong Kong, February 20, 2020 -- Moody's Investors Service has confirmed Panda Green Energy Group Limited's (Panda Green) Caa1 corporate family rating (CFR) following its issuance of new shares to Beijing Energy Holding Co., Ltd. (BEH, A3 negative) on 18 February 2020.

The ratings outlook is stable.

This concludes the rating review initiated on 21 November 2019.

RATINGS RATIONALE

"The confirmation of Panda Green's ratings reflects the reduced refinancing pressure following the new share issuance to Beijing Energy in February 2020 and the refinancing of its $350 million bond which was due on 25 January 2020," says Ada Li, a Moody's Vice President and Senior Credit Officer.

On 18 February, Panda Green announced its issuance of new shares to BEH for HKD1.79 billion (approximately $230 million) for a 32% stake in Panda Green. Upon completion of the transaction, BEH will become Panda Green's single largest shareholder.

As part of the transaction, BEH plans to provide a RMB8 billion-RMB10 billion credit enhancement guarantee to Panda Green to reduce the latter's financing costs.

"Panda Green's Caa1 CFR reflects the continued weakness in its financial metrics and uncertainty over its deleveraging plan following the Beijing Energy investment," adds Li.

BEH and Panda Green have not yet commented on their business strategy and deleveraging plan post transaction, and no changes to Panda Green's board have been announced.

Moody's expects Panda Green's financial metrics will remain weak as a result of its legacy expansion, leading to elevated business risks and weak debt coverage metrics. If it is unable to reduce its financing costs, its funds from operations (FFO) to debt is likely to remain around 3% and FFO interest coverage ((FFO+interest)/interest) is likely to register at around 1.5x in 2020.

The stable outlook reflects Moody's expectation that Panda Green will at least maintain its current credit profile and financial metrics following the BEH investment, and that regulatory changes in China's solar power sector will remain largely manageable.

Moody's could upgrade Panda Green's rating if (1) its standalone credit strength improves significantly; or (2) its linkage with BEH strengthens, with an increased likelihood of support provided by BEH to Panda Green.

Financial metrics for a ratings upgrade include FFO to debt above 4% and FFO interest cover above 2x on a sustained basis.

Moody's could downgrade Panda Green's rating if (1) there are changes in China's regulatory environment that adversely affect the company's profitability; (2) Panda Green's liquidity position does not stabilize as expected; or (3) Panda Green fails to deleverage or pursues further debt-funded expansions that weaken its financial and business profile.

Financial metrics for a downgrade include FFO to debt below 2% and FFO interest cover below 1.2x over a prolonged period.

In terms of environmental, social and governance (ESG) factors, Panda Green faces elevated governance risk, considering its evolving ownership profile and changing management. Uncertainty remains around potential further changes to Panda Green's management and strategy after the BEH investment.

The principal methodology used in this rating was Unregulated Utilities and Unregulated Power Companies published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Panda Green Energy Group Limited engages in the development, investment, operation and management of solar power plants and other renewable energy projects. At 31 December 2019, the company reported 2.0 gigawatts of gross installed capacity through its subsidiaries and associates.

Listed on the Hong Kong Stock Exchange, the company's major shareholders, as of 18 February 2020, were: (1) Beijing Energy Holding Co., Ltd. (BEH, A3 negative, 32%); (2) China Merchants New Energy Group (CMNE) and parties acting in concert with CMNE (15.47%); (3) Qingdao City Construction Investment (Group) Co. Limited (13.59%); and (4) China Huarong Asset Management Co., Ltd. (Huarong, A3 stable, 13.59%).

BEH is the largest power producer and district heating supplier for the Beijing municipality. The company mainly engages in power generation across China and district heating in the Beijing municipality, with a total installed capacity of 24.1 gigawatts (GW) at the end of September 2019.

BEH is wholly owned by the Beijing State-owned Capital Operation and Management Center (BSCOMC, A1 stable), which in turn is 100% owned by the Beijing municipal government and supervised by the Beijing State-owned Assets Supervision and Administration Commission (SASAC).

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.

Ada Li
VP - Senior Credit Officer
Project & Infrastructure Finance
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

Terry Fanous
MD-Public Proj & Infstr Fin
Project & Infrastructure Finance
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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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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