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Rating Action:

Moody's revises Fantasia's ratings outlook to stable from negative

03 Apr 2019

Hong Kong, April 03, 2019 -- Moody's Investors Service has changed to stable from negative the outlook on Fantasia Holdings Group Co., Limited's B2 corporate family rating and B3 senior unsecured debt ratings.

At the same time, Moody's has affirmed all ratings.

RATINGS RATIONALE

"The stable outlook on Fantasia's ratings reflects the company's improved liquidity position and reduced refinancing risk, and our expectation that its credit metrics will recover gradually in the coming 12-18 months from the current weak levels," says Celine Yang, a Moody's Assistant Vice President and Analyst.

Fantasia has demonstrated its ability to raise new term funding with tenors ranging from 1.5 years to 3 years since December 2018, albeit at high costs, to refinance its maturing debt, compared with issuance of three programs of 364-day USD bonds with a sizeable aggregate amount of USD540 million in 2018.

Its improved liquidity position is also evidenced by the improvement in its cash to short-term debt ratio to 1.7x in 2018 from 1.1x in 2017 (after adjusting for puttable bonds and cash in its subsidiary Colour Life Services Group Co., Limited).

The company achieved 50% growth in contracted sales to RMB30.2 billion in 2018 from RMB20.1 billion in 2017, after recording 65% year-on-year growth in 2017 from RMB12.2 billion in 2016. The increase in contracted sales in 2017 and 2018 supports its liquidity and will support revenue growth in 2019 and 2020.

Fantasia's leverage -- as measured by revenue to adjusted debt -- of 32% in 2018 was weak when compared to many B2 Chinese property peers. However, this weak level of leverage is mitigated by its strengthened cash position at RMB25 billion (excluding cash held at Colour Life) at the end of 2018, compared to RMB 14.2 billion at the end of 2017.

At the same time, Moody's expects Fantasia will become more disciplined in controlling its debt growth. For the next 12-18 months, accordingly, its leverage will likely trend towards 40% from 32% in 2018 and EBIT/interest will improve to 1.50x from 1.31x in 2018.

Fantasia's B2 corporate family rating reflects the company's (1) established track record in property development in the Chengdu-Chongqing Economic Zone and the Pearl River Delta; and (2) the diversified income streams from its property management, rental and hotel management businesses, which are mostly recurring in nature.

On the other hand, the B2 rating is constrained by the company's high leverage and weak interest coverage, which is in turn caused by its high-cost financing.

Nevertheless, Fantasia's ratings could be upgraded if the company (1) improves its debt maturity and liquidity profiles; and (2) improves its credit metrics such that revenue/adjusted debt rises to 60%-70% on a sustained basis and EBIT/interest improves to 2.5x or above.

The ratings could be downgraded if (1) its contracted sales or cash collections weaken; (2) it engages in aggressive land acquisitions or other business acquisitions, such that its debt leverage and liquidity deteriorate materially; (3) refinancing and liquidity risks deteriorate; or (3) its credit metrics are unlikely to improve, with EBIT/interest failing to trend towards 1.5x in the next 12-18 months.

The principal methodology used in these ratings 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.

Fantasia Holdings Group Co., Limited is a property developer in China (A1 stable). Established in 1996, the company listed on the Hong Kong Stock Exchange in November 2009. Fantasia had a market capitalization of HKD9.16 billion as of 1 April 2019. Zeng Jie Baby is the company's largest shareholder, with a 57.5% stake as of 5 March 2019.

In addition to property development, Fantasia is engaged in providing property operation services, property agency services and hotel services for its own properties and properties of third parties.

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.

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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.

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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.

YuYing (Celine) Yang
Asst Vice President - 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
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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