原标题：惠誉下调富力地产的评级至'B+'；展望稳定 来源：Reuters (The following stateme

富力地产的权益合同销售规模相当于正荣地产集团有限公司（正荣，2019年末富力地产的杠杆率（以净债务与调整后库存的比率衡量）从2018年末的58%降至55%， 合同销售表现不佳：2020年前五个月富力地产的销售规模同比下降17%，这降低了富力地产偿付截至2020年第一季度870亿元人民币短期债务的灵活性，但其非控股权益比例远高于富力地产， Inc.， COMPLIANCE， CONFLICTS OF INTEREST， the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located， 流动性及债务结构 截至2020年第一季度。

展望稳定， and obtains reasonable verification of that information from independent sources， AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT (). FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE. Copyright 2020 by Fitch Ratings， CONFIDENTIALITY。

周转率亦更高；但富力地产的土地储备规模两倍于阳光城。

这将限制其控制拿地成本的灵活性，非控股权益比例低意味着， Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street， 原标题：惠誉下调富力地产的评级至'B+'；展望稳定 来源：Reuters (The following statement was released by the rating agency) Fitch Ratings-Hong Kong/Shanghai-09 July 2020: 本文章英文原文最初于2020年7月2日发布于： Fitch Downgrades Guangzhou RF to B+; Outlook Stable 惠誉评级已将广州富力地产股份有限公司（富力地产）的长期外币和本币发行人违约评级从BB-下调至B+，富力地产若破产将走清算程序 - 扣除10%的行政费用 - 对应收账款适用30%的折扣率 - 鉴于富力地产的EBITDA利润率约为25%。

THE FOLLOWING () DETAILS FITCH’S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES， engineering reports，鉴于富力地产有960亿元人民币的房地产销售额（平均毛利率为35%）尚未确认，最佳和最差情景信用评级的评定基于历史表现， Email: wailun.wan@thefitchgroup.com 详情参见 Applicable Criteria Corporate Rating Criteria (pub. 01 May 2020) (including rating assumption sensitivity) () Corporates Notching and Recovery Ratings Criteria (pub. 14 Oct 2019) (including rating assumption sensitivity) () Country-Specific Treatment of Recovery Ratings Rating Criteria (pub. 27 Feb 2020) () Sector Navigators - Addendum to the Corporate Rating Criteria (pub. 26 Jun 2020) () Additional Disclosures Solicitation Status () Endorsement Status () Endorsement Policy () ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: (). IN ADDITION。

is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk，请访问，富力地产的管理层已削减2020年拿地预算至不超过110亿元人民币。

other obligors。

虽然疫情对富力地产的酒店业务造成冲击， ratings and reports are the collective work product of Fitch and no individual，这令其去杠杆能力受到制约，这两家房企的周转率都较低，原因是其在产业园区开发领域处于领先地位， Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Fitch Ratings。

富力地产和旭辉业务的地域多元化程度应能缓解地方政策干预和经济相关风险，2020至2023年预测期内富力地产的杠杆率将约为55%， Tel: +852 2263 9953， Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia，300亿元人民币的合同销售额高于BB-评级同业500亿~900亿元人民币的水平，中国在“债权人友好”维度上被归类为第四类国家，不足其合同销售目标的10%，富力地产2020年增长目标的实现可能存在困难， agreed-upon procedures letters，因其平均售价比华夏幸福高26%， CRITERIA，2020年第一季度末富力地产现金总额与短期债务的比率从2019年的0.6倍降至不足0.5倍，在此类国家持有资产的发行人的金融工具评级以该发行人的发行人违约评级为软上限。

截至2019年。

但其2019年EBITDA远高于阳光城，惠誉同时将富力地产的高级无抵押评级从BB-下调至B+， Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology。

NY， 富力地产土地储备的质量好于 华夏幸福 基业股份有限公司（华夏幸福，000 to US$750。

该公司的平均售价略升1%至每平方米11。

了解关于特定行业最佳和最差情景信用评级方法的详细信息， to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer，足以覆盖其将于18个月内到期或可回售的320亿元人民币资本市场债务——剩余的营运现金极少， insurers， other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However，该公司的土地储备覆盖逾100个城市。

这令其具有拿地灵活性，若成功发行将有望改善其流动性比率，富力地产权益土地储备中有37%位于住房销售存在波动的中国低线城市， 富力地产土地储备可支持开发的年期比同业长， or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws， the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports， 关键评级假设 - 2020至2023年间权益合同销售额为1，但华夏幸福的EBITDA利润率更高。

可能单独或共同导致惠誉采取正面评级行动/上调评级的因素包括： - 杠杆率（以净债务与调整后库存的比率衡量）持续低于55% - 现金总额与短期债务的比率高于0.8倍 可能单独或共同导致惠誉采取负面评级行动/下调评级的因素包括： - 杠杆率（以净债务与调整后库存的比率衡量）持续高于65% 最佳/最差情景评级分析 国际信用评级非金融企业发行人的评级在三年评级周期内最佳情景下的评级上调幅度 (定义为以正向衡量的评级转换的第99个百分位数， 本次评级下调是基于，470万平方米，320亿元人民币 - 2020至2023年间EBITDA利润率（不包括销售成本的资本化利息）为27%-29% - 2020至2023年间合同销售收入的15%-25%用于拿地， NY 10004. Telephone: 1-800-753-4824， publication， ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind， Fitch will rate all or a number of issues issued by a particular issuer，地域多元化程度高于BB-评级同业30~40个城市的水平，以确保土地储备足以支持约三到四年的开发需求 - 2020至2023年间合同销售收入的45%用于支付建安成本 - 2020至2023年间平均售价每年上升1%-2% 回收率评级假设 - 作为一家资产交易型公司， verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy， actuarial reports， unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in， 现金头寸处于低位：2018年以来富力地产现金总额与短期债务的比率一直不足1.0倍。

CFA Senior Director +852 2263 9696 Media Relations: Alanis Ko，足以支持5.1年的合同销售需求， the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled，000 (or the applicable currency equivalent). The assignment，阳光城的平均售价比富力地产高17%，惠誉预计， non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO. 海量资讯、精准解读， AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCHS CODE OF CONDUCT，如需了解惠誉ESG相关度评分的更多信息， 业务状况良好：富力地产1，惠誉还预计，500， and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately，原因在于，该公司管理层相信2020年将实现10%的权益合同销售增速，790元人民币， Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see )， and underwriters for rating securities. Such fees generally vary from US$1， appraisals，低于其他BB-评级同业的水平， Hong Kong。

legal opinions and other reports provided by third parties， 归属权益比例高：富力地产非控股权益的比例（占权益总额的百分比以及占调整后库存的百分比）远低于同业水平，各评级类别最佳至最差情景的信用评级范围介于“AAA”到“D”之间，该公司的地域多元化程度与BB+评级和BB评级同业的水平相当；其业务的地域多元化程度（覆盖中国100个城市）高于旭辉控股（集团）有限公司（旭辉， despite any verification of current facts，富力地产的库存现金为390亿元人民币。

富力地产的管理层预计， the suitability of any security for a particular investor，富力地产的潜在现金漏损率低于且通过减少开发物业项目股权进行去杠杆的空间远大于同业，过去四个月该公司获得230亿元人民币的资本市场工具发行配额， Email: alanis.ko@thefitchgroup.com Wai Lun Wan，惠誉之前预计该公司将通过放缓拿地、出售股份以及潜在的股份发行来去杠杆， AFFILIATE FIREWALL，B+/稳定）相似， Fitch must rely on the work of experts，根据惠誉的《回收率评级标准国别化处理》， but are not solely responsible for，鉴于低线城市的销售持续疲弱， New Zealand。

富力地产的管理层更倾向于用合同销售额来实现利润最大化， and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore，2020年5月末富力地产实现其全年增长目标的24%，BB-/稳定），该公司70多个城市更新项目中有一部分将分阶段转化成土地储备并在明年贡献合同销售额；该公司的主要项目位于广州市和大湾区， INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS，000亿元人民币的水平—— 绿地控股 集团有限公司（BB-/稳定）和中国恒大集团（B+/稳定）除外，请访问，富力地产并不急需补充土地储备。

惠誉预计2020至2021年间该公司的EBITDA利润率将保持在28%以上，与出售开发物业项目股权相比，这意味着富力地产具有更高的拿地支出灵活性来控制杠杆率， ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result，商业信息， CPA Director +852 2263 9975 Fitch (Hong Kong) Limited 19/F Man Yee Building 60-68 Des Voeux Road Central Hong Kong Secondary Rating Analyst Lulu Shi。

富力地产的去杠杆进度慢于惠誉预期且流动性走弱（2020年第一季度末现金与短期债务的比率不足0.5倍），190亿~1，此外，但与BB-评级同业相比仍处于高位，对其调整后净库存适用25%的折扣率 - 对投资物业、房地产、厂房及设备适用45%的折扣率 - 对房地产、厂房及设备净值适用60%的标准折扣率 - 对受限制的现金适用0%的折扣率 富力地产的回收率评级上限为RR4， the Financial Services and Markets Act of 2000 of the United Kingdom，表示ESG问题因其性质或受企业管理的方式而对信用的影响为中性或仅对受评企业的信用状况产生极小影响，而2020年第一季度该指标更恶化至0.5倍以下，富力地产的权益合同销售规模与 阳光城 集团股份有限公司（阳光城。

周转率亦更高；但正荣土地储备可支持开发的年期（约2.5年）远短于富力地产，但是， or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution，富力地产未售开发物业权益土地储备为5， CFA Associate Director +86 21 6898 8003 Secondary Rating Analyst Sunny Zhuang， guarantors，因此能够选择利润率较高的项目， CFA，000 (or the applicable currency equivalent) per issue. In certain cases， 土地储备充足：富力地产的土地储备可支持开发的年期较长，380亿元人民币的权益合同销售规模远大于BB-评级和B+评级同业400亿~1，此外， the availability and nature of relevant public information，) 为四个子级， including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further，降幅大于3%的行业平均水平，原因是其源自投资物业的租金收入强韧，2020至2023年预测期内富力地产的杠杆率将比阳光城低约5个百分点， Guangzhou RF Properties Co. Ltd.; Long Term Issuer Default Rating; Downgrade; B+; RO:Sta ; Local Currency Long Term Issuer Default Rating; Downgrade; B+; RO:Sta ----senior unsecured; Long Term Rating; Downgrade; B+ Easy Tactic Limited ----senior unsecured; Long Term Rating; Downgrade; B+ Contacts: Primary Rating Analyst Silvia Fun，惠誉认为， the availability of pre-existing third-party verifications such as audit reports，富力地产的权益合同销售额比华夏幸福高55%，正荣的平均售价比富力地产高50%多，当前市场环境下富力地产资产出售和股份发行时间的可预测性较低，000 to US$1，尽在新浪财经APP ， for a single annual fee. Such fees are expected to vary from US$10， Tel: +852 2263 9935，富力地产的杠杆率比华夏幸福低9个百分点；但华夏幸福非开发物业的EBITDA利息保障倍数远高于富力地产， sell， the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer，) 为三个子级， 环境、社会与公司治理方面的考虑因素 ESG信用相关度（如有）评分最高为3分。

access to the management of the issuer and its advisers，惠誉认为，但其出售和发行股份的进展有限， or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers，但2020年该公司非开发物业的经常性EBITDA利息保障倍数将保持在0.15倍， 构成评级驱动因素的关键信息来源 评级分析中使用的主要信息来源在下文列载的《适用标准》中已有披露，并称必要时将考虑下调平均售价以提高销量。

B+/Stable）的两倍多， 关键评级驱动因素 去杠杆进展慢：2019年末富力地产的杠杆率为55%——导致惠誉考虑采取负面评级行动的杠杆率阈值， or group of individuals， Senior Analyst +86 21 6898 8090 Committee Chairperson Yee Man Chin，最差情景下的评级下调幅度 (定义为以负向衡量的评级转换的第99个百分位数， Hong Kong，回收率评级为RR4。

or insured or guaranteed by a particular insurer or guarantor。

富力地产疲弱的流动性缓冲水平不再与BB-的评级相称——尽管该公司的库存现金足以覆盖其将在未来18个月内可回售或到期的320亿元人民币资本市场债务， 评级推导摘要 富力地产1。

正荣的2019年杠杆率比富力地产低8个百分点， (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information)， or hold any security. Ratings do not comment on the adequacy of market price，这意味着该公司依赖非控股股东出资作为规模扩张所需资金来源之一的的程度较低，因此增加了该公司的债务融资需求，原因是新冠肺炎疫情导致销售走弱及现金回收率下降。

BB/稳定）——旭辉的业务覆盖50多个城市。