(Editors' note: This is an update of the commentary published on May 12, 2022, with minor changes on the cutoff points in table 7.)

According to our financial institution (“FI”) rating criteria, we typically determine the stand-alone credit profile (“SACP”) based on our assessment of an institution’s anchor, a starting point, and then incorporating its own characteristics compared with the anchor. The entity-specific factors that we may use to adjust from the anchor include business position, capital & earnings, risk position, and funding & liquidity. We then determine the issuer credit ratings (“ICR”) based on the SACP and our assessment of potential group or government influence in time of stress.

• 近期城投“364境外债”的新增发行，体现了相关区域在财政和再融资压力偏紧的情况下与监管的博弈。2025年以来至今，中国城投企业在境外债券市场共发行11只1年期以下债券，主要集中在河南、山东、福建等省份的区县级城投企业，其中新增“364境外债”发行人主要为河南省洛阳、开封、郑州市的区县级城投和山东省临沂市园区城投。
• 随着监管政策收紧，特别是对一年期以内境外债券的严格规定出台，依赖高息短期债券进行融资的空间正迅速缩小，资质较弱的低层级城投企业再融资面临严峻挑战。