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Rating Action:

Moody's downgrades China Oriental to B2; outlook remains negative

 The document has been translated in other languages

12 Sep 2014

Hong Kong, September 12, 2014 -- Moody's Investors Service has downgraded China Oriental Group Company Limited's corporate family rating and its senior unsecured rating to B2 from B1.

The ratings outlook is negative.

RATINGS RATIONALE

"The ratings downgrade reflects the increased level of refinancing risk facing China Oriental, given the approaching maturity of its USD490 million bond in August 2015, its weak liquidity profile, and the persistence of the dispute on the public float issue between its two major shareholders," said Chenyi Lu, a Moody's Vice President and Senior Analyst.

China Oriental's large amount of maturing debt over the next 12 months -- when compared with its moderate level of cash holdings and weak free cash flow -- means that its ability to tab external funding is critical.

The higher level of refinancing risk also reflects increased challenges in refinancing its bond through offshore bond issuance, a result in turn of the deterioration in its credit profile over the last few years. For instance, adjusted debt/EBITDA increased to 5.1x for the 12 months to 30 June 2014 from 2.6x in 2011, and EBITDA to interest coverage fell to 3.4x from 5.7x.

In addition, China Oriental's access to additional bank credit facilities could be challenged by the tightening in lending by domestic banks to the steel industry. Moreover, its access to the equity markets has been hindered by the suspension of stock trading since 29 April 2014.

"At the same time, its refinancing risk is partly mitigated by its relatively robust creditworthiness -- when compared to other steelmakers -- and the availability of secondary sources of liquidity," adds Lu.

Moody's notes that China Oriental maintains long-term relations with its onshore banks, backed by its established position as the largest H-section steel manufacturer in the country, as well as the efficiency of its production process when compared to other domestic peers.

The company can also raise funds through discounting its unpledged bank acceptance notes, which totaled RMB3.5 billion at end-June 2014, and pledging its sizeable, unencumbered assets. But their availability is subject to market conditions.

The persistence of the legal dispute on the public float issue between major shareholders Mr. Han Jingyuan and ArcelorMittal (Ba1 negative) is negative for the company's overall funding capability.

However, any impact on its steel operations will be moderate, as ArcelorMittal is not substantially involved in day-to-day operations and strategic decisions.

In terms of its 1H 2014 performance, adjusted EBITDA margin improved to 5.4% from 4.8% a year ago, mainly thanks to lower raw material costs. But, financial leverage remained flat when compared with the level in 2013 because of increased debt.

The negative outlook primarily reflects the heightened level of refinancing risk for its offshore bonds as well as concerns over the persistence of the dispute on the public float issue between the two major shareholders.

An upgrade of the ratings is unlikely, given the negative outlook. But, Moody's could change the ratings outlook to stable, if the company makes meaningful progress in refinancing its USD notes and maintains adjusted debt/EBITDA below 6.0x.

The ratings would come under further pressure if the company fails to make meaningful progress on refinancing over the next 6-9 months or the dispute on the public float issue between its major shareholders escalates significantly.

In addition, China Oriental's bond ratings will come under pressure if a significant portion of the USD490 million bond is refinanced through onshore debt at its subsidiaries as such an outcome would increase the subordination risk for its remaining offshore bonds.

The principal methodology used in this rating was Global Steel Industry published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

China Oriental Group Company Ltd, with total steel manufacturing capacity of 11 million tonnes per annum, mainly manufactures H-section steel products and HR strips/strip products at its mills in Hebei Province. The company was listed on the Hong Kong Stock Exchange in 2004. It is 45%-owned by its founder, Mr. Han Jingyuan, and 29.6% by ArcelorMittal.

The Local Market analyst for this rating is Jiming Zou, + 86 21 6101 0381.

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 rating action on the support provider and in relation to each particular 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.

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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.

Chenyi Lu
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
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (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
SUBSCRIBERS: (852) 3551-3077

Moody's downgrades China Oriental to B2; outlook remains negative
No Related Data.
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