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Rating Action:

Moody's upgrades SIUD to Ba3; outlook stable

 The document has been translated in other languages

23 Dec 2013

Hong Kong, December 23, 2013 -- Moody's Investors Service has upgraded Shanghai Industrial Urban Development Group Limited's (SIUD) corporate family rating to Ba3 from B1 and senior unsecured bond rating to B1 from B2.

The ratings outlook is stable.

RATINGS RATIONALE

"The upgrade reflects the increased financial and operational support from SIUD's parent, Shanghai Industrial Holdings," says Franco Leung, a Moody's Assistant Vice President and Analyst.

Shanghai Industrial Holdings (SIH unrated), a flagship conglomerate of the Shanghai-government-owned Shanghai Industrial Investments (Holdings) Co Ltd, has not only provided management and strong supervision to SIUD, but has also increased its financial support to SIUD.

Moody's believes that SIH will be prepared to provide further shareholder loans to ensure that SIUD maintains adequate liquidity to manage its business.

Moody's notes the very close relationship between SIH and SIUD as evidenced by (1) SIH's 70% stake in SIUD; (2) SIH's appointment of SIUD's senior management; (3) SIUD's role as SIH's major property arm, which is one of SIH's core businesses; (4) the track record of SIH providing financial support to SIUD; and (5) the benefits from SIUD's close association with SIH such as access to funding in both the onshore and offshore markets.

Moody's has changed the level of uplift to SIUD's standalone credit profile to two notches from one notch, based on the support provided by SIH.

SIUD's Ba3 corporate family rating therefore reflects its b2 standalone credit profile and a two-notch rating uplift based on the parental support.

Its b2 standalone rating reflects its small scale of operation, its sales volatility, and the legacy impact from its Neo-China business.

"While we expect SIUD will maintain its net profits after it reversed its net losses in 2012, its credit metrics will remain moderate and in line with a b2 credit profile," adds Leung, who also the Lead Analyst for SIUD.

Moody's expects SIUD's profitability and financial profile will improve gradually in the next 1-2 years, in light of the higher margin products offered by Shanghai Urban Development (unrated) and the gradual reduction in inventory of its legacy low-margin ex-Neo China projects in the past two years. This is evidenced by an improvement in its gross profit margin in the first half of 2013, which reached 32% from 15% in 2012.

SIUD reported pretax profit of HKD422 million in the first half of 2013 and reversed its net loss situation in both 2011 and 2012, as it achieved relatively more profitable sales.

However, Moody's forecasts that its credit metrics will remain moderate. Its interest coverage -- as measured by adjusted EBITDA to interest expense -- will remain below 2x in the next 12 months.

Its cash to total assets will unlikely reach 10%-15%. But Moody's believes SIUD will maintain adequate liquidity and that it will have uninterrupted access to onshore bank loans as well as parental support to fund its projects and debt repayments.

SIUD's bond rating is notched down to B1, reflecting structural and legal subordination risks. Its secured and subsidiary debt to total assets ratio will likely remain above 15% in the coming years, as it will continue to use onshore bank loans to primarily fund its construction activities.

The stable outlook reflects Moody's expectation that SIUD will successfully integrate its operations, achieve its future sales targets, have sufficient funding to operate its business and will improve its financial profile in the next one to two years.

Moody's will consider upgrading the ratings over the medium term if SIUD (1) grows in scale without sacrificing its profitability; (2) consistently achieves its sales plan; and (3) demonstrates a track record of financial discipline in managing liquidity and debt.

Moody's will consider an upgrade if EBITDA/interest coverage is at above 2x-2.5x.

On the other hand, downgrade rating pressure could emerge if (1) the company does not improve its operations and profitability; (2) it accelerates its expansion such that its liquidity decreases or its debt leverage increases materially; or (3) SIH reduces its ownership stake, thereby weakening SIUD's access to funding.

If the company's cash balance decreases or if EBITDA/interest falls below 1.0x-1.5x, then its ratings will be under pressure for a downgrade.

Any adverse developments in legal proceedings in relation to the Urban Cradle project that materially erode SIUD's credit profile will also be negative for its ratings.

The principal methodology used in this rating was the Global Homebuilding Industry published in March 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Shanghai Industrial Urban Development Group Limited is a Chinese property developer engaged in residential and mixed-use developments. It has 24 projects across 12 cities in China and a land bank of 9 million square meters in aggregate, after it acquired Shanghai Urban Development from its parent, Shanghai Industrial Holdings Limited in 2011. Shanghai Industrial Holdings has a 70% stake in Shanghai Industrial Urban Development. The parent company manages three core businesses in real estate, infrastructure (toll roads and water services), and consumer products (tobacco and printing).

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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this 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.

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.

Franco Leung
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
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 upgrades SIUD to Ba3; outlook stable
No Related Data.
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