穆迪：中国房产开发商信用评级有望好转

The credit metrics of Chinese property developers will likely improve over the next year to 18 months as their revenue outpaces growth in debt, Moody’s said on Thursday.

穆迪(Moody’s)周四表示，随着中国房地产开发商的收入增长超过了债务增长，未来一年到一年半时间里它们的信用状况很可能会有所改善。

Among the 43 companies it covers in the sector, the rating agency said expects the weighted-average revenue against adjusted debt will rise to 72 per cent by the end of this year and 76 per cent by the end of 2018. That marks a change from 64 per cent for the 12 months ended June 30.

这家评级机构表示，预计到今年底，其所覆盖43家公司的加权平均收入与调整后债务之比将升至72%，到2018年底将达到76%。相对于截至6月30日的12个月期间的64%有显著改观。

Moody’s analyst Anthony Lee said borrowing and leverage lifted in the first six months of 2017 amid aggressive land acquisition as developers moved to boost market share.

穆迪分析师Anthony Lee表示，随着开发商竞相提高市场份额，在积极买地的背景下，2017年上半年借款和杠杆率都有所提升。

Moody’s downgraded nine developers during the period but expects the deterioration for five of those companies to be temporary.

在此期间穆迪下调了9家开发商的评级，但预计其中5家公司的降级是暂时的。

Slower growth sales and tighter funding conditions will see the pace of debt-funded land acquisitions and merger and acquisitions activity “moderate”, Mr Lee said.

Anthony Lee表示，由于销售增长放缓和资金状况趋紧，举债收购土地和并购活动的步伐将“放缓”。