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Rating Action:

Moody's downgrades GCL New Energy's CFR to Caa1; outlook negative

 The document has been translated in other languages

28 Apr 2020

Hong Kong, April 28, 2020 -- Moody's Investors Service has downgraded GCL New Energy Holdings Limited's (GCL New Energy) corporate family rating (CFR) to Caa1 from B3, and its senior unsecured debt rating to Caa2 from Caa1.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects the accelerating pressure on GCL New Energy's liquidity and rising refinancing risks, particularly given USD500 million bond maturing January 2021," says Ivy Poon, a Moody's Vice President and Senior Analyst.

"The prolonged negotiations regarding its planned asset sales and delays in the receipt of government subsidies further exacerbate this refinancing risk," adds Poon.

Moody's estimates that GCL New Energy has close to RMB12.5 billion of debt maturing through March 2021, with a bridge loan from China Huaneng Group Co., Ltd. (A2 stable) and USD500 million bond accounting for over half of the maturing debt.

However, the company does not have adequate internal financial resources to meet the huge funding gap, and there does not appear to be any meaningful plan to manage refinancing risk.

At the same time, there has been limited progress in the planned asset sales to China Huaneng. The company had planned to use the proceeds from the asset sales as a key source to repay its maturing debt. In particular, the scale of the first batch of asset sales in January 2020 was only 294MW, which is much smaller than Moody's had previously expected.

Although the company is in talks regarding the remaining asset sales, the timing and final size of the transactions remain highly uncertain. The coronavirus outbreak will also hinder negotiations and execution of transactions in the near term, increasing refinancing risk.

The company is also in the process of registering projects it connected to the grid up to July 2017 to the latest batch of China's renewable energy subsidy catalogue. However, uncertainty remains around the timing and amount of the government subsidies to be received in the second half of 2020, given the historically lengthy collection periods.

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 senior unsecured debt rating is one notch lower than the CFR due to subordination risk.

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 12 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The company's ratings could be further downgraded in the near term if (1) it does not refinance its maturing debt in a timely manner, or in the event of any default, and (2) its transaction with China Huaneng is completed in a way that significantly weakens GCL New Energy's credit profile.

The outlook on the ratings could return to stable if the company 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.

Upward ratings pressure is unlikely, given the negative outlook.

The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1066389. Alternatively, 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 the end of 2019.

GCL New Energy was 62.28% owned by GCL-Poly Energy Holdings Limited at the end of 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 further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

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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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.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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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