相关报道：(2006， 英文) 曼图公司及其债券信用被降级

http://bankrupt.com/TCRAP_Public/060614.mbx

MANDRA FORESTRY: Moody's Downgrades Ratings To B3 From B1--------------------------------------------------------- Moody's Investors Service, on June 13, 2006, downgraded to B3 from B1 the corporate family rating of Mandra Forestry Holdings Ltd and the senior unsecured rating of bonds issued by Mandra Forestry Finance Ltd and guaranteed by Mandra. The rating action concludes the review for possible downgrade commenced on March 14, 2006. The outlook for the ratings is negative. "The downgrade has been prompted by Mandra's much weaker cash flow generation capability stemming from its slower-than-expected plantation acquisition schedule. This translates into a credit profile -- with projected (EBITDDA-Maintenance Capex)/Interest of around 1x over the next 2 years - which is more appropriate for a B3 rating when compared to the rated peers in the region," says Ken Chan, a Moody's AVP/Analyst, adding, "Liquidity profile of the company remains weak in the near-term with no back-up bank facilities." Moody's notes that Mandra has placed US$65 million of deposits to third parties for its timber trading business. While such business generates immediate cash flow, the profit margin is lower than its core plantation business and it exposes the company to risk of the third parties not returning such deposits as and when required by Mandra. Moody's also believes Mandra faces higher execution risk because its revised plantation acquisition plan involves significant purchases outside the originally targeted cities in Anhui Province. These new purchases require the support of local counties and forestry bureaus, while acquisitions of state-owned tree farms must also go through a more time-consuming auction process. Such risk is partially mitigated by the new management team that was put in place in 1Q06, and has since revamped Mandra's plantation acquisition capability. The negative outlook reflects Moody's view of the revised business model's execution risk and, as such, the possibility that Mandra will prove unable to comply with its bond covenants -- complete acquisition of timber ownership rights for at least 140,000ha of commercial forestry plantation by May 2007 -- such that the remaining amounts in the offshore proceeds and security accounts will be required to repurchase the bonds at 100% of their principal value. The possibility of a rating upgrade is remote, given the current negative outlook. But, the outlook could stabilize on: (1) the successful execution of its revised plan and which would obviate the need for a mandatory offer to repurchase its bonds; (2) the improvement in liquidity profile by securing back-up bank facilities or improving its balance sheet liquidity; and (3) strengthening cash generation capability, such that (EBITDDA-Maintenance Capex)/Interest of around 1.0-1.2x emerges. On the other hand, the rating could undergo downward pressure if: * Mandra fails to acquire the plantations and secure land-use rights according to its revised plan, such that the company needs to make an offer to repurchase its bonds; or * the company fails to generate cash flow for debt servicing, such that (EBITDDA-Maintenance Capex)/Interest falls below 1x. Mandra Forestry Holdings Ltd is a holding company in which Mandra Capital holds 75%, Sino-Forest 15% and Morgan Stanley 10%. It engages in forestry plantation activities in China's Anhui and surrounding provinces.