惠譽(yù)授予京能國(guó)際首次發(fā)行人主體“A”評(píng)級(jí) 展望穩(wěn)定
* 來源 :中國(guó)石化新聞網(wǎng) * 發(fā)表時(shí)間 : 2022-12-14 8:00:00 * 瀏覽 : 1017
中國(guó)石化新聞網(wǎng)訊 惠譽(yù)評(píng)級(jí)已授予北京能源國(guó)際控股有限公司(京能國(guó)際)“A”的首次長(zhǎng)期外幣發(fā)行人主體評(píng)級(jí),展望穩(wěn)定。惠譽(yù)同時(shí)授予該公司“A”的高級(jí)無抵押評(píng)級(jí)。
依據(jù)惠譽(yù)《母子公司評(píng)級(jí)關(guān)聯(lián)性標(biāo)準(zhǔn)》下“母強(qiáng)子弱”的評(píng)級(jí)路徑,京能國(guó)際的評(píng)級(jí)在持有其32%股權(quán)的母公司——北京能源集團(tuán)有限責(zé)任公司(京能集團(tuán),A+/穩(wěn)定)的評(píng)級(jí)基礎(chǔ)上向下調(diào)整一個(gè)子級(jí)得出。
京能國(guó)際是京能集團(tuán)具有戰(zhàn)略重要性的可再生能源投資平臺(tái),預(yù)計(jì)2025年將對(duì)集團(tuán)可再生能源目標(biāo)貢獻(xiàn)約73%。
京能國(guó)際肩負(fù)實(shí)施母公司能源轉(zhuǎn)型戰(zhàn)略的重任,力爭(zhēng)在“十四五”發(fā)展規(guī)劃期間(2021-2025年)實(shí)現(xiàn)在母公司境內(nèi)目標(biāo)風(fēng)電光伏裝機(jī)新增容量的87%。京能國(guó)際還將助力京能集團(tuán)改善首都能源結(jié)構(gòu)。京能國(guó)際將在內(nèi)蒙古自治區(qū)和吉林省建設(shè)大型可再生能源基地,并輸送“綠電”至首都北京。
惠譽(yù)基于京能國(guó)際的高速發(fā)展評(píng)定其增長(zhǎng)潛力子因素為“高”。
該公司發(fā)展包括如下有利因素:裝機(jī)規(guī)模快速擴(kuò)張:京能國(guó)際計(jì)劃在2025年末將其太陽能和風(fēng)電總裝機(jī)從2021年末的4吉瓦提高到22吉瓦。2022年前9個(gè)月的新增裝機(jī)為849兆瓦,管理層預(yù)計(jì),2022年的全年新增裝機(jī)有望接近2吉瓦。惠譽(yù)認(rèn)為,鑒于可再生能源不受燃料成本波動(dòng)的影響,且現(xiàn)金流穩(wěn)定性優(yōu)于火電,可再生能源發(fā)展勢(shì)頭強(qiáng)勁有助于提升京能國(guó)際的業(yè)務(wù)狀況。
發(fā)電利用小時(shí)數(shù)保持高位:京能國(guó)際太陽能發(fā)電項(xiàng)目的利用小時(shí)數(shù)從2021年上半年的708小時(shí)提高到2022年上半年的722小時(shí),較全國(guó)平均水平高32小時(shí),而其風(fēng)電裝機(jī)則在2022年上半年錄得1308小時(shí)的利用小時(shí)數(shù),比全國(guó)平均水平高154小時(shí)。這反映了該公司的項(xiàng)目選址優(yōu)越,風(fēng)能和太陽能資源充足。京能國(guó)際將繼續(xù)在資源豐富地區(qū)開發(fā)項(xiàng)目,且很多項(xiàng)目將服務(wù)于用電需求穩(wěn)健的京津冀協(xié)同發(fā)展區(qū),因此,惠譽(yù)預(yù)計(jì)該公司未來項(xiàng)目的發(fā)電利用小時(shí)數(shù)仍將保持高位。
債務(wù)融資推高杠桿:惠譽(yù)預(yù)計(jì),鑒于資本支出較高,京能國(guó)際在2022年至2025年期間的EBITDA凈杠桿率將超過10倍,且自由現(xiàn)金流為負(fù)。但是,惠譽(yù)認(rèn)為,京能國(guó)際可以從母公司及銀行獲得穩(wěn)定貸款,并在必要時(shí)得到母公司有力支持,這將使得京能國(guó)際具備充足的財(cái)務(wù)靈活性以緩解高杠桿帶來的影響。
與此同時(shí),為助力其高速裝機(jī)規(guī)模擴(kuò)張,京能國(guó)際也在積極拓展多元化融資途徑。該公司計(jì)劃通過分拆的方式將公開募集基礎(chǔ)設(shè)施證券投資基金,該基礎(chǔ)設(shè)施基金將持有該公司兩個(gè)共擁有400兆瓦光伏發(fā)電項(xiàng)目公司的權(quán)益。此外,公司還將發(fā)起總注冊(cè)規(guī)模為50億元人民幣的資產(chǎn)支持證券/資產(chǎn)支持商業(yè)票據(jù)(ABS/ABCP)計(jì)劃。
Fitch Assigns Beijing Energy International First-Time 'A' Rating; Outlook Stable
Fitch Ratings has assigned Beijing Energy International Holding Co., Ltd. (BEIH) a first-time Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'A' with a Stable Outlook. Fitch has also assigned a senior unsecured rating of 'A' to the company.
BEIH is rated one notch down from its 32% parent, Beijing Energy Holding Co., Ltd. (BEH, A+/Stable), based on a strong parent, weak subsidiary approach under Fitch's Parent and Subsidiary Linkage Rating Criteria.
We assess BEH has 'Medium' legal, strategic and operational incentives to support BEIH, which acts as a strategically important renewable-energy investment platform of BEH. It plans to account for around 73% of the group's renewable energy capacity target by end-2025.
BEH guaranteed 36% of BEIH's debt issued at offshore and onshore holding companies as of June 2022. We regard the guarantees to be of 'Medium' coverage and permanence, as BEIH may increase external borrowings without parental support as its asset base expands. Our factor assessment also reflects sizeable internal loans provided by BEH to BEIH's project and onshore holding companies.
It targets to contribute 87% of BEH's renewable-energy installation in China's 14th five-year plan period of 2021-2025. BEIH also fulfils BEH's mandate of improving Beijing's energy structure. The company will play a leading role in investing in large renewable-energy base projects in Inner Mongolia and Jilin province, whose power will be transmitted to the capital city.
BEIH's rapid expansion leads to a 'High' assessment of the growth potential subfactor. However, we believe BEIH makes a 'Low' financial contribution to BEH due to its current small asset scale.
Fast Capacity Expansion: BEIH targets to increase its total solar and wind power capacity to 22 gigawatts (GW) by end-2025, from 4GW at end-2021. Capacity addition was 849 megawatts (MW) in 9M22 and management estimates new capacity of nearly 2GW in 2022. We believe strong growth in renewable energy is positive for BEIH's business profile, as renewable energy has no exposure to fuel-cost fluctuation and has better cash flow predictability than thermal power.
High Utilisation Hours: The utilisation hours of BEIH's solar power projects improved to 722 hours in 1H22, from 708 hours in 1H21, and surpassed the national average by 32 hours. Its wind power capacity recorded 1,308 utilisation hours in 1H22, higher than the national average by 154 hours. This reflects the company's good project location with better wind and solar resources. We expect future projects to have high utilisation hours, as BEIH continues to develop projects at favourable locations and many of its new projects will serve the Beijing-Tianjin-Hebei greater area, which has solid demand.
High Leverage on Debt-Funded Capex: We expect EBITDA net leverage to exceed 10x in 2022-2025 due to high capex intensity, which keeps free cash flow in negative territory. Nevertheless, we think BEIH has adequate financial flexibility, buoyed by solid access to loans from the parent and bank financing, aided by parental support.
BEIH is exploring financing sources to fund its capacity growth and plans to list an infrastructure securities investment fund by spinning off two project companies with 400MW of solar capacity. It will also issue asset-based securities and commercial paper programmes, with total registration size of CNY5 billion, with BEH undertaking the obligation to pay the shortfall if the underlying assets cannot be recovered or are impaired.