trimaran cavu 2023 1 ltd

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• 01-Aug-2023 | 01:41 HKT

Trimaran CAVU 2023-1 Ltd. Notes Assigned Preliminary Ratings

• 楽天グループではモバイル事業の赤字の縮小と設備投資の削減により、非金融事業の業績は緩やかに回復するとS&Pはみている。
• 2024－2025年に償還期日が到来する6,000億円超の社債のうち、2024年に同期日が到来する社債で未償還の分（2,000億円超）については、償還資金のめどがつきつつあるとS&Pはみている。
• 同社の長期格付けを「BB」に、劣後債の格付けを「B」に、それぞれ据え置いた。
• 非金融事業で2025年に大量の社債を償還するための資金調達がまだ十分でないことにより、流動性が悪化するリスクを反映し、アウトルックは引き続き「ネガティブ」。
• 今後半年程度の間に2025年の社債償還のための資金調達や借り換えが進まないことで、流動性が大きく悪化する。
• モバイル事業の業績改善の遅れなどにより、今後1年程度の非金融事業のEBITDAとFOCFがS&Pの現在の想定よりも大幅に弱い水準にとどまる。
• 今後半年程度で2025年の社債償還のための資金調達や借り換えのめどがつく。
• モバイル事業の業績が改善することで、非金融事業のFOCFの黒字化がS&Pの想定を大きく上回るスピードで進捗する。
• 国内EC市場（物販系）は今後1－2年、諸外国比で依然低いEC化率に照らすと、年率1桁台前半の成長を維持する（2022年は9.1％増）。
• 高い知名度と豊富な品ぞろえ・サービスを背景に、同社の国内EC事業の流通総額は、市場を上回る伸びを維持する。
• インターネットサービス事業のEBITDAマージン（償却前営業利益率）は、流通総額の伸びによる利益増が成長事業の赤字を上回ることで、10－12％で推移する。
• モバイル事業では今期に計900万超、来期に計1,000万超の契約を獲得する。同事業のEBITDAは今期の後半に四半期ベースで黒字化する。
• 非金融事業では、金融事業から定期的に受け取る配当金や経営指導料を、事業展開や有利子負債の返済に活用する。
• 同社は社債償還資金の調達に注力するが、S&Pのベースケースでは、これらの資金調達を同社の信用力評価に織り込んでいない。
• 金融事業では安定した収益性が維持され、資産の質と自己資本比率はさらに大きく悪化しない。
• 今期は株主配当は行わず、大規模な自社株買いも行わない。
• 非金融事業のEBITDAは、今期は1,200億円強に回復する（前期は328億円の赤字）。
• 非金融事業では有利子負債の対EBITDA倍率は今期末に10倍強に回復するものの、依然格付け対比で大幅に弱い水準にとどまる。

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Contact the analysts:

Mark r williams, cfa.

Primary Credit Analyst, Englewood

P. + 1 (303) 721 4128

E. [email protected]

David M Postilion, CFA

Secondary Contact, New York

P. + 1 (212) 438 0030

E. [email protected]

Lorna L Diamond

Secondary Contact, Englewood

P. + 1 (303) 721 4865

E. [email protected]

Abhay Patil

Secondary Contact, Toronto

P. + 1 (416) 507 2539

E. [email protected]