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2023年标普信评中资银行信用评级情况汇总
评级报告：东莞实业投资控股集团有限公司，2024年11月20日
一文看懂金属冶炼（铝）行业信用质量
评级报告：富士康工业互联网股份有限公司，2024年11月18日
What Signal is Sent by the 10-trillion-RMB Debt-Relieving Package?
评级报告：东莞实业投资控股集团有限公司，2024年11月20日
2024年11月20日，标普信评发布东莞实业投资控股集团有限公司主体评级报告。
一文看懂金属冶炼（铝）行业信用质量
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标普信评认为，多数样本铝企业业务状况的相对强弱取决于成本、资源与规模。由于具备较好的资源优势及较强的成本控制能力，中铝集团和山东宏桥具有更优的业务状况。
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我们发现，铝企业的财务风险具有较大差异，一方面是各企业非铝板块业务对杠杆率有一定影响，另一方面是各企业债务负担和EBITDA利润率存在差异，中铝集团在样本企业中杠杆率处于偏高的水平。
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我们认为，民营铝冶炼企业的信用质量主要取决于自身经营状况，能够获得的外部支持不多。2024年铝行业景气运行，较高的铝价使行业利润整体处在相对高位，企业财务杠杆和信用质量维持稳定。
评级报告：富士康工业互联网股份有限公司，2024年11月18日
2024年11月18日，标普信评发布富士康工业互联网股份有限公司主体评级报告。
What Signal is Sent by the 10-trillion-RMB Debt-Relieving Package?
- Author Lei Wang
- Theme Corporates
- Tags China
On November 8, the 12th session of the 14th National People's Congress (“NPC”) Standing Committee approved the State Council’s proposal on raising local government debt quota for replacing existing hidden debt (“the proposal”). The proposal calls for reinforced accountability of local authorities and a 6-trillion-RMB local government debt quota to be added for replacing existing hidden debt. For this fiscal stimulus to be implemented smoothly and make an impact as soon as possible, the new debt quota, all arranged for special debt issuance, has been approved as a whole package and will be used within three years.
Accordingly, the local government special bond quota by the end of 2024 would increase to 35.52 trillion RMB from the previous 29.52 trillion RMB. In addition, the Minister of Finance announced a plan to set aside 800 billion RMB per annum from the proceeds of newly issued special bonds in 5 straight years starting from 2024, which would be aimed solely at resolving debt and expected to replace 4-trillion-RMB hidden debt in total. This, combined with the lately approved 6-trillion-RMB quota, has expanded the overall fiscal resources to 10 trillion RMB for relieving local governments’ debt burden.
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- Author
- Lei Wang
- Theme
- Corporates
- Tags
- China