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标普就海航“激进”融资发出警告
S&P warns China’s HNA Group over ‘aggressive’ financing

来源:FT中文网    2017-11-30 07:36



        Rating agency S&P has warned that HNA Group’s aggressive financing structures are damaging its creditworthiness, adding to a chorus of concerns about the finances of China’s most prolific overseas dealmaker.        评级机构标普(S&P)警告称,海航集团(HNA Group)激进的融资结构正在破坏其信用度。作为中国最活跃的境外资产买家,海航的财务状况已引起了众多的担忧。
        The comments come a day after HNA subsidiary Gategroup confirmed that it was exploring a public listing, despite Switzerland’s takeover watchdog — citing several articles in the Financial Times — censuring its Chinese owner for providing “untrue or incomplete” information when it acquired the air services company in 2016.         标普发表上述言论的前一天,海航子公司佳美集团(Gategroup)证实其在探索上市的可能性,尽管瑞士并购监管部门——援引英国《金融时报》的几篇相关报道——指责其中国东家在2016年收购这家航空服务公司时提供了“不真实或不完整的”信息。
        A global deal spree in excess of $40bn has turned HNA from a little-known domestic airline operator on the southern Chinese island of Hainan into one of the most visible private Chinese companies in the world, with large stakes in Deutsche Bank and Hilton Worldwide.        凭借总额超过400亿美元的一波全球交易狂潮,海航从中国南方海南岛上一家鲜为人知的国内航空公司,转变为世界上最引人注目的中国民营企业之一,在德意志银行(Deutsche Bank)和希尔顿全球(Hilton Worldwide)持有可观股份。
        However, questions over the group’s ultimate ownership and the creative financing tactics used to fuel its dealmaking have caused it problems when seeking to work with international banks and also raised issues with regulators abroad and in China.        然而,围绕海航最终所有权以及其用来助推交易的创造性融资战术的质疑,使该集团在寻求与国际银行合作时遇到困难,还引发境外乃至中国监管机构的关注。
        S&P cut HNA’s “group credit profile” on Wednesday, which, while not a formal credit rating, implies that the company’s creditworthiness is deeply into “junk” territory. The agency flagged HNA’s “aggressive financial policy” and the growing risk of “tightening liquidity”.        标普周三下调了海航的“集团信用状况”。尽管这不是正式的信用评级,但它意味着该公司的信用水平深陷“垃圾”区间。该机构指出了海航“激进的财务政策”和越来越大的“流动性趋紧”风险。
        “HNA Group has significant debt maturities over the next several years and its funding costs are meaningfully higher than that of a year ago,” S&P said in its report.        “海航集团在未来几年有大量债务到期,且其融资成本已明显高于一年之前,”标普在其报告中表示。
        Adam Tan, chief executive of HNA, signalled this week that the group would look to exit investments in industries that had been banned by the Chinese government.        海航首席执行官谭向东(Adam Tan)本周暗示,该集团将寻求退出在中国政府禁止的一些行业所作的投资。
        “I will do my best to exit investments that were allowed in the past but are no longer allowed,” Mr Tan said in Beijing late on Tuesday at a forum hosted by Caijing Magazine, according to a transcript of his remarks.        谭向东周二晚在《财经》杂志于北京主办的一个论坛上表示,他将尽自己的最大努力,退出那些过去允许、但不再被允许的投资。
        The comments were the first public acknowledgment that the company is considering divesting assets it has acquired in recent years.         这番言论是该公司首次公开承认考虑剥离近年收购的资产。
        Switzerland’s Gategroup, which HNA bought last year for SFr1.4bn ($1.4bn), said on Tuesday that it was exploring a public offering. Earlier this month, HNA agreed a sale and repurchase deal on its shares in a hotel group in Spain to improve liquidity.        海航去年以14亿瑞士法郎(合14亿美元)收购的瑞士佳美集团周二表示,正在探索上市的可能性。本月早些时候,海航同意了出售其在西班牙一家酒店集团所持股份然后回购的交易,以改善流动性。
        HNA is among a group of Chinese companies including Dalian Wanda, Anbang Insurance and Fosun International facing scrutiny after a flood of aggressive overseas investment, as Beijing looks to stem capital flight from the country.        随着北京方面试图阻止资本外逃,海航以及大连万达(Dalian Wanda)、安邦保险(Anbang Insurance)和复星国际(Fosun International)等大举进行海外投资的中国企业受到了密切关注。
        Analysts also have flagged concerns about HNA’s continued access to affordable debt funding, given a crackdown in China on riskier lending. They pointed out that HNA recently paid a nearly 9 per cent yield to sell a 363-day bond, an incredibly high cost for such short-term debt.        在中国打击高风险借贷之际,分析师还对海航能否继续获得可负担的债务融资表示担忧。他们指出,海航最近发行一笔363天期的债券时,不得不提供近9%的利率,这样的利率对于此类短期债务而言高得出奇。
        HNA has long-term debt of Rmb382.8bn ($58bn) as of June 30, according to S&P Global Market Intelligence, with net debt 6.5 times earnings before interest, taxes, depreciation and amortisation.        根据标准普尔全球市场情报(S&P Global Market Intelligence)的数据,截至6月30日,海航的长期债务达到3828亿元人民币(合580亿美元),净债务达到税息折旧及摊销前利润(EBITDA)的6.5倍。
        A Swiss stock exchange spokesman declined to comment when asked whether the Swiss takeover panel’s ruling would be a problem for a new listing.        在被问及瑞士并购委员会的裁决会不会影响佳美上市时,瑞士证交所的一位发言人拒绝置评。
        Gategroup is one of the two Swiss aviation services assets owned by HNA — it acquired Swissport in 2016. Swissport recently started providing short-term loans to companies linked to the HNA Group, raising concerns among investors about the intermingling of the Swiss airline services company’s funds with its Chinese parent.        佳美是海航拥有的两项瑞士航空服务资产之一;海航在2016年收购了瑞士空港(Swissport)。最近瑞士空港开始向海航集团关联企业提供短期贷款,这使得投资者担心这家瑞士航空服务公司的资金与其中国母公司搅在一起。
        Reporting by Don Weinland in Hong Kong, Sherry Fei Ju and Lucy Hornby in Beijing, Robert Smith and Arash Massoudi in London and Ralph Atkins in Zurich        唐•温兰(Don Weinland)香港、俱菲(Sherry Fei Ju)和韩碧如(Lucy Hornby)北京、罗伯特•史密斯(Robert Smith)和阿尔什•马苏迪(Arash Massoudi)伦敦以及拉尔夫•阿特金斯(Ralph Atkins)苏黎世报道
                
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