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Rating Action:

Moody's upgrades Guangdong Hengjian's ratings to A2; outlook stable

 The document has been translated in other languages

12 Dec 2019

Hong Kong, December 12, 2019 -- Moody's Investors Service has upgraded the issuer rating of Guangdong Hengjian Investment Holding Co., Ltd. (Hengjian) to A2 from A3.

At the same time, Moody's has also upgraded the senior unsecured rating of Hengjian International Investment Limited, the issuing entity of Hengjian's guaranteed USD bond, to A2 from A3.

The ratings outlook remains stable.

RATINGS RATIONALE

"The rating upgrade reflects Hengjian's growing strategic importance as the major state owned capital management platform of the Guangdong government, as evidenced by the number of strategic policy-driven investments that have been made, including recently," says Ivy Poon, a Moody's Vice President and Senior Analyst.

These government-directed investments include RMB10 billion of the equity investment in China Southern Air Holding Limited Company (CSAH), and the launch of a RMB20 billion investment fund to support the growing strategic cooperation between Guangdong and Macao (Aa3 stable). Hengjian's investment in CSAH is mainly debt funded, but it will be partly supported by government subsidies.

Hengjian's growing strategic importance to the government has led to Moody's assessment of a higher likelihood of support from the Guangdong government, and ultimately the Government of China (A1 stable), resulting in an A2 issuer rating based on a four-notch uplift from its baseline credit assessment (BCA) of baa3 under Moody's joint-default analysis approach for government related issuers. Moody's support assumption is underpinned by the assessment of a high likelihood of support from, and high level of dependence on, the Guangdong government and ultimately the Government of China when in need. Moody's support assumption is underpinned by the assessment of a "High" likelihood of support from, and "High" level of dependence on, the Guangdong provincial government and ultimately the Government of China when in need.

Moody's expects Hengjian's baa3 BCA to remain broadly stable over the next two years. The BCA continues to reflect Hengjian's (1) quality asset portfolio despite that its investment portfolio is now more exposed to unregulated power asset; and (2) modest financial profile with high leverage due to sizable investments.

The increasing unregulated exposure from its core investment in Guangdong Energy Group Co., Ltd. introduces business and financial volatility, weakening Hengjian's investment portfolio. As a major coal fired power generation company in Guangdong, Guangdong Energy is exposed to increasing market-based power sales under unregulated tariffs due to power sector reforms.

Moody's expects Hengjian's financial leverage to remain high, with its consolidated funds from operations (FFO)/debt to hover between 10%-11% during 2019-21. In addition to the CSAH investment, Hengjian's high leverage is driven by its rising guarantee exposure from the investment of Government of Macao, per the Guangdong Macao Cooperation Development Fund. Moody's has adjusted this guarantee into Hengjian's consolidated debt.

The stable outlook incorporates Moody's expectation that the company's credit metrics will stay at levels appropriate for its baa3 BCA, and that its key commercial public-sector role will remain intact over the next 12-18 months. Moody's assessment also incorporates the stable outlook on China's sovereign rating.

Moody's could upgrade the ratings if (1) the government's likelihood of support for Hengjian materially increases, (2) the company's standalone credit profile at the consolidated and holdco levels improves significantly, or (3) Hengjian's public policy role is materially strengthened.

Financial indicators for a possible upgrade of BCA could include Hengjian's consolidated FFO/debt ratio increasing to 20% or above, and the holdco's FFO interest coverage remaining above 3.0x on a sustained basis.

Moody's could downgrade the ratings if (1) the government's likelihood of support for Hengjian decreases, (2) the company's standalone credit profile weakens significantly, or (3) Hengjian's public policy role is materially weakened.

Financial indicators for a downgrade of the BCA could include Hengjian's consolidated FFO/debt ratio falling below 10% and the holdco's FFO interest coverage remaining below 1.2x for a prolonged period.

The methodologies used in these ratings were Unregulated Utilities and Unregulated Power Companies published in May 2017, and Government-Related Issuers published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Guangdong Hengjian Investment Holding Co., Ltd. is a state-owned asset and capital management company wholly owned by the Guangdong State-Owned Asset Supervision and Administrative Commission (SASAC). It reported total revenues of RMB46 billion in 2018 and consolidated assets of RMB279 billion at the end of 2018.

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 entities are participating and the rated entities or their agent(s) generally provide 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.

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.
© 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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​

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