China Aoyuan Property Group Limited -- Moody's affirms China Aoyuan's B2 rating after re-tap bond (Simplified Chinese translation)
/nwsys/www/images/PBC_149332 ?? ??? – ????? ????? Moody's Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????? - ???? ????? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??????: Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????????? 1 ??????????????? B2 ?? (?????????????????,???????) ??, 2013 ? 1 ? 21 ?—????????????????????? ???????????????? B2 ???????? B3 ????? ???????????????? 2012 ? 11 ????????? ????????????? ?????????????????????????,?????? ?????? ???? ????? /?????????:“?????,??????????? ??? B2???” ?????? 12-18?????????/??????50%??,EBITDA/ ????? 2????????????B2??????????? ???????????,???: “??? 12 ??????????? ??????????,????????????????????, ???????,?????????? ” ???? B2 ??????????????????????????? ????,?????????????????????? ??????????????????,????????????? ????,?????? 1-2 ???????????????????? ?????????????,??????????????????? ???? B2 ??????????????????????????? ?????????????,?????????????????? ????????? 2 ????,???? B2 ?????????????????????? ???????????? ?????????????????????????????,?? ???????? ???????,???????????????: (1)??????, ??????????????????,????????????? ????????; (2)????????,????????????? ??????;? (3)??????????????? ??????,???????????(?????????????) ???????????? 50%??,??/??????????,?? EBITDA ??????? 15%,EBITDA/???????? 1.5 ?,??? ??? /???????? 55%? ????,???????,?????????????????: (1) ??? 1-2 ????????;(2)?????????? 25-30 ????? ????; (3)?????????,EBITDA ??????? 30%, EBITDA/???????? 3-3.5 ?,?????/???????? 40- 45%? ???????????????????????????? 2009?3? ???«?????????»( Moody’s Global Homebuilding Methodology)????????,???www.moodys.com??????? ????????????????????????????? 1998 ? ??? 2005-2006 ?,???????????????,?????????? ???????????????? 2007 ? 10 ?????????? ?? 2012 ? 6 ? 30 ?,???? 5 ????????? 26 ?????? 2012 ? 6 ?,???????????? 880 ??????????? 2012 ? 10 ?????????? ???? ????????? 3 ??????????????????????,????????? ????????????????????(?????????,? ???????????)???????????????????? ???????,???????????????????????? ??,????????????????????????????? ????????,???????????????????????, ??????????????????????,????????, ???????????????????????????????? ???? www.moodys.com ???/?????????? ?????????????????????,?????????? ???????????????????,???????????? ??????????????????(???????????): ??????????????????????????? ??????????????????????????????,? ?? www.moodys.com? ???????????????,??? www.moodys.com ????/? ?????????? ????????????????????????????,??? ????????????????? Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 -?- ????????? 4 © 2013,?????????(Moody’s Investors Service, Inc.)?/??????????,?????“??” ( MOODY’S)?????,????? ????????? (“MIS”)???????????????????????????????????? ???????????,??????????????( “?????”)???????????????? ????????????????????????????????????????????????? ???,?????????????????????????????????,??????:???? ????????????????????????????????????????????????? ?????????????????????,??????????????????????????? ??????,?????????????????????????????????????????? ??????????????,?????????????????????????????????? ?????? ???????????? (?????????)??,??????????,????????????? ??????????????????????????????????????????????,?? ????????????????????????????????????????????????? ????????????????,?????? “???”???,?????????????????? ????,????????????????????????,?????????????,??(?? ?)??????????????????,???????????????????????????? ???????????,??( a)???????????????????????????????? ??????(???????)??????????(??????????????????????? ???????)???????????????????????,?( b)????????????? ?????????????(???????????),??????????,??????????? ?????????????????,??????????????????????????????? ?????????????????????(???)??????????????,???????? ????????????????????????????????????????????????? ????????????????????????????????????????????????? ????????????????????????? ?? (????(MCO)?????????????)????,????????????(???????? ?????????????)?????????????????,????????????????? ?????????,?????? $1,500 ??? $2,500,000 ???????(MCO)???(MIS) ?????? ??,??? MIS ????????????MCO ??????????????? MIS ????????? ????????????? MCO ?? 5% ???????????????????,????????? ?????? www.moodys.com“???? — ???? — ?????????” ?????? ?????????:??????????????????????? Moody’s Investors Service Pty Limited (?????????? (ABN):61 003 399 657,????????????(AFSL):336969)?/? Moody’s Analytics Australia Pty Ltd(??????????(ABN):94 105 136 972,????????????(AFSL): 383569)(??????)???????????????????? 2001 (Corporations Act 2001)? 761G ? ????“????”??????????????????,?????????,????“???? ”, ?????“???? ”????????,???????????????????? 2001 (Corporations Act 2001)? 761G ?????“????” ???????????????????????????????? ??,?????????????????????????????????????????????? ??????,????????????,??????????????????? ]]>
