惠誉：政府进驻海航集团预示将进行复杂的债务重组

原标题：惠誉：政府进驻海航集团预示将进行复杂的债务重组 来源：Reuters

已被政府接管。

政府的介入将如何影响海航集团与债权人之间的谈判仍不明朗。海航集团属民营企业，惠誉预计债务重组将令其债权人受到不同程度的损失，但海航集团的例子可能对中国政府将如何处理获得隐性或显性政府支持的企业的债务重组问题具有指标性的意义。

2019年6月末海航集团负债逾五千亿元人民币（约720亿美元）。鉴于该公司庞大的债务规模和宽泛的业务范围，工作组可能会涉及多个国家机构。工作组成员包括海南省发展控股有限公司（海南省主要投资平台）、海南洋浦经济开发区管理委员会、国家开发银行（国开行，A+/稳定）及中国民用航空中南地区管理局的数名高管。

惠誉估计，与海航集团相关的业务约占其授予评级的中资租赁公司整体租赁资产规模的5%以下。如果海航集团现有飞机租赁合同由其他航空公司接手，则租赁公司受到的影响将较为有限，而如果新承租人的信用状况强于海航集团，则甚至可能对这些租赁公司有正面影响。

如果海航集团现有租赁合同在接管期间或后续债务重组的过程中被终止，租赁公司可能会因收回及重新出租飞机而产生费用，但租赁公司持有的保证金和维修储备金可以用来补偿部分支出。此外，租赁公司在重新出租部分机型的过程中可能面临租赁收益下滑的风险，尤其是在COVID-19疫情导致全球出行需求走弱的情形下。但是，惠誉认为其授予评级的租赁公司的评级不会因海航集团被接管而受影响，原因是这些租赁公司的评级主要是受母公司支持所驱动，且惠誉认为这些租赁公司因海航集团相关风险而发生的损失应不重大。

海航集团对国银金融租赁股份有限公司（国银租赁）持股6.29%，对渤海租赁股份有限公司（渤海租赁）持股32.3%。惠誉认为，政府接管海航集团不会影响由国开行持有多数股份的国银租赁的信用状况，国银租赁"A+/稳定"的评级是受母公司支持所驱动。惠誉未向渤海租赁授予评级。

渤海租赁是飞机租赁公司Avolon Holdings Limited（Avolon）的多数股东。惠誉目前基于Avolon的独立信用状况授予其'BBB-'的评级，并以定性的角度来分析其股权结构对评级的影响。Avolo n目前受益于与渤海租赁及另一家股东ORIX Corporation（ORIX ，A-/稳定）签订的股东协议所规定的分隔机制——该机制限制Avolon向渤海租赁和ORIX大额派息，设置了公司治理相关措施，并赋予ORIX少数股东否决权。但若海南航空或渤海租赁的信用状况走弱，以致削弱Avolon获取资金的能力，并损害其品牌或限制其业务活动，则可能对Avolon的评级造成压力。

联系人:

陈冠如

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+886 2 8175 7614

澳洲商惠誉国际信用评等股份有限公司台湾分公司

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Duncan Innes-Ker

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+852 2263 9993

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