惠譽調升T-Mobile US信託2022-1系列債券評級，展望穩定
根據惠譽評級（Fitch Ratings）最新公告，T-Mobile US（NASDAQ代號：TMUS）旗下信託TMUST 2022-1的B級債券評級由「AAsf」提升至「AAAsf」，C級債券則由「Asf」升至「AAsf」，同時維持A級債券「AAAsf」評級不變，整體評級展望為穩定。
惠譽指出，這次評級上調反映出信貸增強措施的提升及資產組合自上次審核以來的穩定表現。該交易由T-Mobile Financial LLC及其附屬公司提供的無抵押零售設備分期付款銷售合約作為支持。
TMUST 2022-1的兩年循環期已於2024年11月結束，債券自此開始攤銷。根據惠譽的違約假設，特別考慮了客戶在T-Mobile的使用年限，最終資產組合的構成較發行時風險更低，質素有所改善。
三個級別的信用增強比例均有顯著提升：A級由19.50%增至49.39%，B級由14.50%提升至32.62%，C級則由9.50%升至15.85%。這些增強主要來自次級債券的次順位保護、超額擔保以及不減少的1%準備金帳戶。
截至2025年7月，使用T-Mobile服務達60個月或以上的客戶比例由發行時的46.29%升至61.58%，加權平均FICO信用評分為706，顯示客戶信用質素穩健。
資產表現指標依然強勁，逾期超過91天的貸款只佔未償還資產的約0.44%，遠低於2%的攤銷觸發門檻；過去三個月的年化平均撇帳率為5%，同樣低於10%的觸發事件標準。
惠譽預計，基於客戶使用年限改善及資產表現穩定，未來違約率基準值將維持在未償還資產餘額的3.45%。
不過，惠譽同時提醒，這些債券仍受制於T-Mobile的信用狀況，因其子公司擔任合約起源者、服務商及網絡運營商。目前惠譽給予T-Mobile「BBB+」評級，展望穩定。
專家評論：T-Mobile債券評級提升背後的深層意義
惠譽此次調升TMUST 2022-1債券的評級，不單反映出該資產組合的風險降低和信用質素提升，更透露出T-Mobile在市場上的穩健經營能力和財務管理水平。尤其是客戶使用年限的延長，意味著用戶黏性強，收入來源更為穩定，這對投資者來說是一個正面信號。
然而，值得留意的是，這類設備分期付款合約本質上仍屬無抵押貸款，若T-Mobile的整體信用狀況出現變動，可能會直接影響債券表現。惠譽給予T-Mobile「BBB+」評級，雖然屬於投資級別，但仍需密切監察市場動態及競爭壓力。
從投資策略角度看，這次評級上調可能吸引更多保守型投資者關注，但同時也提醒市場不要忽視潛在的信用風險。特別是在科技和通訊行業競爭激烈、利率環境不穩的背景下，投資者應該全面評估自身風險承受能力。
總結來說，惠譽的評級提升是對T-Mobile信貸質素的肯定，但在投資決策時，仍須結合公司整體業務發展和市場前景作出全面考量，切勿單靠評級變動作為唯一判斷依據。
以上文章由特價GPT API KEY所翻譯及撰寫。
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