惠誉：京能集团的杠杆率因收购熊猫绿能的股份有所上升，评级不受影响

原标题：惠誉：京能集团的杠杆率因收购熊猫绿能的股份有所上升，评级不受影响 来源：Reuters

(The following statement was released by the rating agency)

Fitch Ratings-Hong Kong/Shanghai-March 02: 本文章英文原文最初于2020年2月27日发布于：Fitch Rtgs: Beijing Energy's Panda Green Investment Lifts Leverage; No Rating Impact /a

惠誉评级认为，北京能源集团有限责任公司（京能集团，A+/稳定）收购熊猫绿色能源集团有限公司（熊猫绿能）32%股份优化了前者的能源结构，但削弱了其信用指标的表现。此项由京能集团香港全资子公司进行、所需资金靠举债筹得的收购交易对京能集团的发行人违约评级无影响；但由于京能集团的杠杆率已然高企，该交易将令其'bb'的独立信用状况进一步承压。

京能集团于2020年2月18日以每股0.25港元、总现金对价17.9亿港元认购熊猫绿能71.8亿股新股，成为这家可再生能源企业的最大股东。京能集团在收购交易后任命了熊猫绿能董事会的两名执行董事，即董事会主席兼首席执行官以及首席财务官，自2020年2月21日起生效。

此收购交易符合京能集团优先发展可再生能源的战略规划。京能集团的发电资产主要为火电厂，该公司正在加快扩大其可再生能源的投资。2019年其末风力、太阳能及水力发电厂仅占京能集团总装机的18%。如果京能集团并表熊猫绿能，其可再生能源装机占比将改善至24%左右——截至2019年6月末，熊猫绿能拥有和运营光伏电站资产1,845兆瓦，风电场48兆瓦。

惠誉将采用完全并表的方法来评估收购交易对京能集团信用状况的影响。京能集团将收购熊猫绿能的股份视为一项战略投资而非财务投资。该投资将与京能集团的现有可再生能源项目产生经营协同效应。惠誉预计，中短期内京能集团将向熊猫绿能提供财务、运营及管理方面的支持，以缓解后者因高额的债务和吃紧的流动性而面临的财务压力。京能集团将协助熊猫绿能优化债务结构并为其提供增信，这将降低熊猫绿能的融资成本。

惠誉根据其《政府相关企业评级标准》，采用自上而下的评级方法，基于对北京市政府信用状况的内部评估结果对京能集团进行评级，因此该公司的发行人违约评级不受此次收购交易的影响。京能集团获得北京市政府支持的可能性亦不受该交易影响。

惠誉估计京能集团的营运现金流调整后净杠杆率将增长0.2~0.3倍至8.2~8.3倍，这距离下调其'bb'的独立信用状况的空间极小。熊猫绿能的杠杆率很高，2019 年上半年总债务与EBITDA的比率为10倍，但该公司的EBITDA和债务占并表后实体的EBITDA和债务的比例仅为10%左右。惠誉预计，从短期来看，资本支出高企将令京能集团的自由现金流持续为负数。

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