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Rating Action:

Moody's downgrades GCL New Energy to B3; outlook negative

 The document has been translated in other languages

28 Nov 2019

Hong Kong, November 28, 2019 -- Moody's Investors Service ("Moody's") has downgraded GCL New Energy Holdings Limited's ("GCL New Energy") corporate family rating to B3 from B2, and its senior unsecured debt rating to Caa1 from B3.

The ratings outlook is changed to negative from rating under review.

This rating action concludes the ratings review initiated on 16 August 2019.

RATINGS RATIONALE

"The downgrade reflects the heightened refinancing risk that GCL New Energy faces in the absence of committed refinancing plans, with significant debt maturing over the next 14 months," says Ivy Poon, a Moody's Vice President and Senior Analyst.

Moody's estimates that GCL New Energy has close to RMB8.1 billion of debt maturing between November 2019 and September 2020, plus USD$500 million of notes maturing in January 2021. The company does not have sufficient internal financial resources to address these large refinancing needs.

GCL New Energy has been engaged with prolonged discussions with China Huaneng Group Co., Ltd. (A2 stable, "China Huaneng "), originally to potentially acquire 51% of GCL New Energy, and now to potentially acquire certain of GCL New Energy's assets through a framework agreement. The prolonged delay in reaching a legal binding agreement with China Huaneng raises further uncertainty about the high refinancing risk facing GCL New Energy.

The company expects to obtain temporary liquidity support from China Huaneng in the form of a bridge loan, but even then Moody's believes that implementing this interim measure will not fully address GCL New Energy's refinancing needs.

The rating downgrade also reflects Moody's view that the potential sale of a substantial portion of assets to Huaneng, as is currently being contemplated, raises uncertainty about the ongoing business model and capital structure of GCL New Energy. Other credit considerations include limited visibility on the financial profile of GCL New Energy's parent, namely GCL-Poly Energy Holdings Limited ("GCL-Poly "), which is likely to have a weak credit quality.

On 18 November, GCL New Energy announced that it entered into a cooperation framework agreement to sell assets to China Huaneng. At the same time, the co-operation agreement between GCL-Poly and China Huaneng, whereby China Huaneng was to acquire the former's stake in GCL New Energy, was terminated.

In terms of environmental, social and governance (ESG) factors, Moody's has considered the company's focus on renewable energy, as well as its business strategy, financial policy, regulatory risk and corporate governance structure.

The negative ratings outlook reflects Moody's expectation that GCL New Energy will continue to face heightened refinancing risk for its sizable maturing debt over the next 11 months.

Upward ratings pressure is unlikely, given the negative outlook.

However, the outlook on the ratings could return to stable if the company successfully refinances its maturing debt and/or introduces other countermeasures to ease liquidity pressure. Moody's will also consider the progress made in the potential transaction with China Huaneng and its impact on GCL New Energy.

Downward ratings pressure could emerge if (1) GCL New Energy is unable to secure committed funding to refinance or repay its maturing debt in a timely manner; (2) its transaction with China Huaneng is completed in a way that significantly weakens GCL New Energy's credit profile; and/or (3) there are material adverse changes in the regulatory environment for China's solar power industry.

The principal methodology used in these ratings 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.

GCL New Energy Holdings Limited is a privately-owned solar power generation company in China. The company's installed capacity totaled 7.2GW at 30 June 2019.

GCL New Energy was 62.28% owned by GCL-Poly Energy Holdings Limited at the end of June 2019. GCL New Energy is the sole downstream platform of its parent company.

Founded in 1996, GCL-Poly Energy Holdings Limited is an integrated solar photovoltaic company.

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.

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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.

Ivy Poon
Vice President - Senior Analyst
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.
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