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惠譽確認中租迪和評等,並調升合迪評等至‘A(twn)’
December 1, 2016 / 8:11 AM / in a year

惠譽確認中租迪和評等,並調升合迪評等至‘A(twn)’

(The following statement was released by the rating agency) TAIPEI, December 01 (Fitch) 惠譽國際信用評等公司今日確定台灣中租迪和股份有限公司(中租迪和)之長期外幣發行人違約評等(IDR)及國內長期評等分別為‘BBB-’與‘A(twn)’,同時調升其 子公司合迪股份有限公司(合迪)之國內長期評等至‘A(twn)’;評等展望皆為穩定。詳細評等結果列示於本新聞稿末。 主要評等考量 發行人違約評等、國內評等與債券評等 中租迪和的評等反映該公司在台灣租賃/分期融資市場的穩固地位,其由公司管理階層深厚經驗與專業認知領導下具韌性的經營模式,有效的風險管理與其在景氣循環下穩健的獲利表 現。評等亦考量中租迪和聚焦中小企業的產業週期、仰賴法人融資的本質以及其集團透過其姐妹公司,在波動度較大的中國市場中較高的曝險。 合迪評等的調升乃基於該公司與母公司中租迪和之財務管理在2016年初進一步加強整合。合迪的國內長期評等在調升後與中租迪和一致,反映合迪作為中租迪和整體營運的核心子 公司地位。惠譽認為,合迪聚焦於營建用機具設備與運輸車輛融資市場的業務,為母公司中小企業融資業務的重要延伸。 中租迪和補充了銀行於台灣中小企業融資上的缺口,其客群主要為與銀行往來之客戶。該公司透過產品創新、融資結構靈活與快速回覆來差異化其服務。中租迪和的業務多元,產業曝 險分散,單一產業佔總授信部位低於10%,且前十大客戶佔比亦低於3%。 中租迪和的獲利能力減弱,資產報酬率由2012年至2015年的3.3%到3.8%降至2016年上半年年化3.1%的水準,主要受景氣下行造成租賃業務成長放緩與信用成 本增加的影響。該公司的合併減損資產比率由2014年年底的2.5%上升至2016年上半年年底的3.5%,主要來自其房地產與合迪的營建用機具設備曝險所致。然而,相較 其歷史水準而言,其減損資產比率仍維持可控與適度。惠譽認為,中租迪和健全的風控架構,包含有效的風險計價,充足的抵押品保障,分散的曝險與適切的提存政策,將有助於減緩 由疲弱的經濟環境所帶來的相關風險。 惠譽預期,在穩健的獲利能力與更高的盈餘保留下,中租迪和將維持適度的資本體質,權益比率於中期內將維持於14%至15%的水準。此外,管理階層針對台灣與中國的經濟成長 趨緩,已調降其資產成長目標,將有助緩解中期內的資本壓力。 中租迪和依賴法人融資,於台灣充足的流動性環境與穩定的銀行體系支持下,使其資金規劃得以搭配以短之長的營運策略。中租迪和的資金與流動性體質大致穩定,其多元的資金來源 與有限的擔保借款,將有助於抵減流動性與再融資風險。該公司保持了充足的還款能力,其未受限制資產與無擔保債務的比率高於一倍以上,且具備合理的流動性緊急應變計劃。惠譽 預期中租迪和的利率風險維持可控,主要考量其相對較短的資產存續天期,約三分之一的部位大多於一年內到期。且惠譽認為,該公司的外匯風險屬低。 中租迪和的無擔保主順位債與發行人的長期國內評等一致,此衡量基準係依據惠譽對主順位無擔保債券評等準則。中租迪和對該債券負有直接、無條件且無擔保之償債義務。 合迪的獲利表現穩定,其已完成集團內部自2013年以來的業務重組,包括受讓原中租迪和之運輸車輛融資業務。資產品質仍明顯受景氣循環影響,但屬可控管範圍,基於該公司充 足的提存、良好的抵押品保障、強健的債務回收能力以及足以抵抗信用成本適切的獲利。合迪的財務槓桿維持適度,權益比率約為20%的水準。該公司對短期融資(主要為商業本票 ) 的高度依賴而造成的再融資風險,可透過充足未使用的承諾信用額度來緩解。 評等敏感性 發行人違約評等、國內評等與債券評等 中租迪和的評等在短期內調升的可能性偏低,評等主要受限於該集團對成長風險的偏好,與其風險體質易受新興市場之較高風險所影響,僅管這已因整體經濟疲弱而緩和。如果該公司 追求過於積極的成長且無相稱之資本增強,或授信標準降低,可能對評等造成不利影響。若該公司的競爭優勢與集團的財務狀況出現惡化,亦將對該公司評等造成壓力。 合迪的評等與穩定展望,均與母公司中租迪和緊密相連。若兩者間的整合明顯減弱,包括所有權稀釋以及合迪於集團內的策略地位弱化,將可能對合迪的評等產生壓力。中租迪和的評 等若有改變將連帶影響合迪之評等。 任何中租迪和之評等改變將連帶影響其發行之債券評等。 評等結果列示如下: 中租迪和 長期外幣發行人違約評等(IDR)為'BBB-';評等展望'穩定' 短期外幣IDR為'F3' 國內長期評等為'A(twn)';評等展望'穩定' 國內短期評等為'F1(twn)' 主順位無擔保債券為'A(twn)' 合迪 國內長期評等由'A-(twn)'調升至'A(twn)';評等展望'穩定' 國內短期評等由'F2(twn)'調升至'F1(twn)' 註:此為中文譯本,若與原英文版本有任何出入,請以英文版為準。 Contact: Primary Analyst Shirley Hsu Associate Director +886 2 8175 7606 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, Tun Hwa N. Rd., Taipei Secondary Analyst Leo Wah Director +852 2263 9951 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com 編輯附註:惠譽國內評等係依該市場需求或於主權評等相對較低的國家中,提供各受評機構相對信用品質指標。該國國內信用風險最低者,其評等為‘AAA’,該國其餘受評機構或 債券之評等即以此作為相對衡量基準。國內評等主要提供予該國市場之國內投資人參考使用,並加註受評機構所屬國家的專屬標記以茲識別,如‘AAA(twn)’即為台灣之國內 評等。因此,不同國家之國內評等無法跨國比較。 Applicable Criteria Global Non-Bank Financial Institutions Rating Criteria (pub. 15 Jul 2016) here National Scale Ratings Criteria (pub. 30 Oct 2013) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. 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