標普下調復星評級展望至負面
S&P yesterday lowered its outlook on Fosun International’s BB-minus rating to negative, illustrating that even rating agencies cannot agree on the risks of a debt-fuelled deal spree.
標準普爾(S&P)昨日將復星國際(Fosun International)的評級展望從BB-下調至負面，這表明就連各評級機構也無法就債務驅動的併購熱潮的風險形成共識。
The move came just a month after rival Moody’s took a more sanguine view of the Chinese conglomerate, upgrading its outlook on the ratings of Fosun Group’s flagship listed company from “negative” to “stable”.
就在一個月前，標普競爭對手穆迪(Moody’s)對這家中國綜合企業集團持更樂觀態度，將復星國際旗艦上市公司的評級展望從“負面”上調至“穩定”。
Fosun, founded by Guo Guangchang, is China’s largest private company and also one of its most acquisitive.
復星國際由郭廣昌創建，是中國最大民營企業，也是最具收購意識的中國企業之一。
It has scooped up Club Med, the French holiday operator, a stake in Cirque du Soleil and another in Thomas Cook, the UK holiday group. The group has also spent more than $4bn buying insurance assets.
該集團一舉收購法國度假運營商地中海俱樂部(Club Med)，購入太陽馬戲團(Cirque du Soleil)部分股權，同時持有英國度假集團Thomas Cook部分股權。該集團還斥資逾40億美元收購保險資產。
But Fosun has recently gone quiet on the deal front after Mr Guo disappeared for four days in December in connection with a Chinese corruption probe. He was not a target of the investigation but was helping authorities, people close to the company said at the time.
但在去年12月郭廣昌因協助一樁中國腐敗調查失蹤4天后，復星最近在併購方面偃旗息鼓。當時據瞭解該公司的人士稱，他並非腐敗調查的目標，而是在協助官方調查。
Fosun has aimed to copy the success of Warren Buffett by using its insurance operations to provide fresh investment capital for new deals. But S&P said yesterday that the group was still reliant on its other units to generate profits in the near term.
復星力求仿效沃倫•巴菲特(Warren Buffett)的成功，利用保險業務爲新的交易提供新的投資資金。但標普昨日表示，該集團近期內仍將依賴其他業務實現盈利。
“The negative outlook reflects our expectation that Fosun’s leverage for its industrial operations will remain high over the next 12 months,” S&P said.
標普表示：“負面展望反映出我們預期，未來12個月期間復星工業業務的槓桿將居高不下。”
“The prospect of a material leverage reduction is uncertain, despite our expectation that Fosun will focus on consolidating its existing investments instead of more aggressive acquisitions in the near term.”
“槓桿實質性下降的前景仍不確定，儘管我們預計，復星近期將把重點放在整合現有投資方面，而非更多咄咄逼人的併購。”
Moody’s, however, seems more confident. It revised the company to a stable Ba3 outlook (equivalent to BB at S&P) last month, writing: “The stable outlook reflects Fosun’s demonstrated ability to maintain its access to the funding markets and improve its debt maturity profile, as well as Moody’s expectation that the company will prudently manage its expansion and strengthen its financial profile according to plan.”
然而，穆迪似乎更有信心。上月，該機構將其對該公司的評級展望調整至穩定的Ba3（相當於標普的BB級），並寫道：“穩定展望反映出，復星展現出有能力繼續利用融資市場並改善其債務期限結構，還反映出穆迪預計，復星將按計劃審慎管理其擴張並強化其財務狀況。”
According to S&P, Fosun’s non-financial assets accounted for 45 per cent of its total assets, but 81 per cent of its revenues at the end of last year.
據標普稱，復星的非金融資產佔全部資產的45%，但去年底佔到了收入的81%。
Shares are down 8.6 per cent this year.
復星股價今年累計下跌8.6%。
