December 22, 2016 / 1:00 AM / in 7 months

惠譽公布杭州金投‘BBB’的評級,展望穩定

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(The following statement was released by the rating agency) HONG KONG, December 21 (Fitch) 本文章英文原文最初於2016年12月20日發布于:here 惠譽評級已公布杭州市金融投資集團有限公司(杭州金投)的長期外幣和本幣發行人違約評級為‘BBB’級,評級展望穩定。 杭州金投的評級與惠譽對杭州市信譽度的內部評估相關聯但不等同。該評級關聯性體現在該公司由市政府全資所有、受到政府的密切監督、公司作為市政府唯一的金融投資控股平台的 戰略地位、及公司定期收到來自政府的資產注入。上述因素表明在有需要時,杭州金投受到市政府大力支持的可能性極高。 關鍵評級驅動因素 杭州市的信譽度較高:杭州市是中國浙江省的省會,也是中國最發達的城市之一。該市人口約有900萬,經濟和財政表現非常強勁。2016年上半年,杭州市的地區生產總值同比 增長10.8%,2016年1月至8月期間,該市收入同比增加17.9%。2015年,杭州市的信息傳輸、軟件及IT服務業增長31.9%,占地區生產總值的12.7%。 法律水平為中等:杭州金投由杭州市政府通過杭州國有資產監督管理委員會(國資委)全資所有、管理和監督。杭州金投按照中國公司法註冊為國有獨資的有限責任公司,並可以破產 和清算。惠譽認為杭州金投的法律地位將保持穩定,因為杭州國資委已表示沒有稀釋對公司持股的計劃。 戰略重要性水平為中等:杭州金投是杭州市政府的唯一一家金融投資控股公司,政府運用該公司通過多個金融機構執行發展戰略。杭州金投是杭州市民卡系統的操作管理者;市民卡系 統如果中斷將會對杭州市政府造成嚴重的負面政治影響。來自公司的商業驅動類業務組合的風險稀釋了公司的戰略重要性。 緊密的管控與監督:杭州金投由杭州國資委直接管理和監督,並由杭州市政府完全管控。根據政府對公司的業績審查作出的披露,政府為公司制定戰略目標,並每月檢查進展情況。 與政府財政預算整合度較弱:市政府對杭州金投的財政支持有限,支持主要以向公司注入重要國有金融機構的方式提供。公司的債務沒有包括在政府債務中,但是相對杭州市的地區生 產總值和財政收入而言,公司的債務規模較小。 業務種類多元化:杭州金投的公共事業包括市民卡和城市基礎設施開發。公司擁有經營此類業務的子公司及對這些子公司的控股權。公司還投資、持有並經營多個金融機構,包括銀行 及業務涉及租賃、信託、產權交易和商品交易的公司。杭州金投的債務水平隨著公司的擴張而快速上升。 評級敏感性 如果杭州市政府承諾給予更強有力或更明確的支持,則有可能觸發對杭州金投的正面評級行動。 如果杭州金投的戰略重要性顯著改變、政府對公司的持股稀釋、或政府的顯性及隱性支持減少,則有可能觸發對公司的負面評級行動。 如果惠譽上調或下調對杭州市的內部信用觀點,均有可能觸發對杭州金投的類似評級行動。 聯繫人: 首席分析師 Lin Pei(裴琳) 聯席董事 +852 2263 9912 惠譽國際評級有限公司 香港中環德輔道中68號 萬宜大廈19樓 第二分析師 Terry Gao(高俊杰) 董事 +852 2263 9972 評級委員會主席 Christophe Parisot 董事總經理 +33 1 44 29 91 34 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 Applicable Criteria International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Rating of Public-Sector Entities – Outside the United States (pub. 22 Feb 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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