每日新闻更新-准主权债券和阿布扎比国家能源公司TAQA The Daily Update – Quasi sovereigns and TAQA

惠誉最近将阿布扎比国家能源公司PJSC(TAQA)的长期发行人违约评级定位A级(稳定展望)。TAQA股权的75%由阿布扎比(间接)所有,由于极有可能受到政府支持,该公司从这一支持性母公司关系中收益颇多。

惠誉给阿布扎比主权债券的评级是AA级,TAQA的A级比该级别低3档,两者均为稳定展望,这也体现了虽然TAQA是一家控股公司,但其发电和水资产的54%由国家所有,公司并非大多数资产的运营商。不管怎样,考虑到它通过海水淡化及发电厂提供阿联酋90%以上的能源和水资源供应,TAQA仍具有战略重要地位。另外,阿布扎比水电公司ADWEC是主要的卖家,其本身是TAQA的主要股东阿布扎比水电局(ADWEA)全资持有的子公司。

由于高债务水平,TAQA本身的信用评级一直比较薄弱,但已经推行改革计划,在削减成本和优化资本支出方面颇见成效。2016年推出大规模特殊减损费用,让公司处于亏损状态,但2017年实现了全年净利润初步数据为1.71亿阿联酋迪拉姆,这无疑是令人振奋的消息。重要的是,政府一直支持TAQA,并配有看跌期权,土地契约转移有效抵消了一些国际油气项目的大额冲销。

多年来,准主权债券一直是我们的关注点,因为在很多案例中它们较之主权债券能提供更有吸引力的价差。虽然此类债券通常并未明确得到政府的支持保障,但其重要的战略性地位意味着政府通常会提供支持。我们的投资组合中包含TAQA于2036年到期、息票率为6.5%的债券,穆迪、标普和惠誉对其评级分别是A3、BBB+、A,其收益率为4.7%,按照最优评级,其交易价格被低估超过3.4档。

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