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Rating Action: China Construction Bank Assigned “AAAspc/stable”, and Its Financial Bond Rated “AAAspc”

评级报告:上海静安置业(集团)有限公司,2025年9月29日

稳增长工作方案出台,钢铁行业会好转吗?

关于终止“招元和萃2024年第九期不良资产支持证券”优先档证券信用等级的公告

“南向通”避险指南:解析香港债市投资人保护条款


Rating Action: China Construction Bank Assigned “AAAspc/stable”, and Its Financial Bond Rated “AAAspc”

BEIJING, January 19, 2021 - S&P Global (China) Ratings has assigned its AAAspc rating to China Construction Bank Corporation(“CCB”), and the outlook is stable. In addition, S&P Global (China) Ratings has assigned its AAAspc rating to CCB’s 2021 Special Financial Bond for Micro and Small Enterprise Lending.

We assess CCB’s stand-alone credit profile (“SACP”) as “aaspc”, five notches higher than the “bbb+” anchor we typically apply to a commercial bank in China. This is to reflect our view of the bank’s very strong business franchise as the second largest bank in China and its very strong funding and liquidity profile built on its massive deposit base.

The issuer credit rating (“ICR”) of “AAAspc” incorporates a two-notch uplift from our assessment of its SACP of “aaspc”, reflecting the extremely high likelihood of government support.

As China’s second largest bank, CCB has one of the most extensive domestic banking networks in China, operating over 14,000 branches within China and 33 branches overseas. As of the end of 2019, it had 11.56% and 9.27% market share of loans and deposits, respectively. CCB has a balanced and strong business franchise in corporate and retail banking with a strong edge in infrastructure finance and mortgage lending.

CCB has one of the largest deposit bases among Chinese banks and it has limited use of wholesale funding. As of the end of 2019, 79% of its liabilities were customer deposits, and its use of wholesale funding represented about 18% of its total liabilities, lower than the industry average. It also benefits from “flight to quality” when market liquidity tightens. The bank’s daily average liquidity coverage ratio was 155% in the fourth quarter of 2019, much higher than the minimum regulatory requirement of 100%.

CCB has adequate capitalization and healthy profitability. CCB has the highest regulatory capital adequacy ratios among its mega bank peers. As of the end of June 2020, its reported regulatory tier-1 capital adequacy ratio was 13.88%, 1.10 percentage points higher than the mega bank average and 2.27 percentage points higher than the industry average. Given its status as a global systematically important bank (G-SIB), we expect it to continue to strengthen its capitalization.

The risk profile of the bank’s loan portfolio is consistent with the industry average. Its asset quality has come under pressure from COVID-19. As of the end of June 2020, CCB’s NPL ratio was 1.49%, only 7 bps higher than the end of 2019. We view that the stable asset quality in the first half of 2020 was partially attributable to the lagging effect of NPL recognition, fast growth of new lending and writing off efforts, while we recognize some uncertainty remains over the rapidly increasing MSE loans, the performance of which depends on both the lending standards of the bank and the progress of the economic recovery.

We believe that CCB is extremely likely to receive support from the central government in times of need, considering its status as a state-owned mega bank and its important role in maintaining financial stability in China and providing financing to China’s infrastructure development and other important government initiatives. As of the end of 2019, 57% of CCB’s shares were controlled by Central Huijin Investment Ltd.

We have equalized the credit rating of the financial bond with the ICR of CCB. This bond is issued to grow CCB’s micro and small enterprise (“MSE”) lending business. The principal amount of this bond is RMB 20 billion, and its term is 3 years. The payment obligation of this financial bond is ranked equally with all the general liabilities of the bank that has no liens on, and prior to equity capital settlement of CCB.

  

Issuer Credit Rating Snapshot

Anchor:bbb+

    Business Position:+3

    Capital and Earnings:0

    Risk Position:0

    Funding and Liquidity:+2

Stand-alone Credit Profile:aaspc

Government Support:+2

Issuer Credit Rating:AAAspc

Outlook/CreditWatch:Stable

 

Related Research & Commentary:

Credit Rating Report: China Construction Bank Corporation, Sep 18, 2020.

Issue Rating Notice: 2020 China Construction Bank Corporation Special Financial Bond for Micro and Small Enterprise Lending Rated “AAAspc”, Jan 11, 2021.

 

Related Methodology and Research:

S&P Global (China) Ratings Financial Institutions Methodology.

General Considerations on Rating Modifiers And Relative Ranking.

Commentary: Understanding S&P Global (China) Ratings Financial Institutions Methodology.

Commentary: Understanding S&P Global (China) Ratings Approach to Support.

Commentary: Understanding S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology.

 

Media Contacts

Sharon Tang, Beijing, (86)10-6569-2988; sharon.tang@spgchinaratings.cn

 

Analyst Contacts:

Longtai Chen,Beijing;longtai.chen@spgchinaratings.cn

Yifu Wang, CFA,CPA, Beijing; yifu.wang@spgchinaratings.cn

Cui Cong, Beijing; cong.cui@spgchinaratings.cn

Xuefei Zou, CPA, Beijing; eric.zou@spgchinaratings.cn

(Note: This document is prepared in both English and Chinese. The English translation is for reference only, and the Chinese version will prevail in the event of any inconsistency between the English version and the Chinese version.)



评级报告:上海静安置业(集团)有限公司,2025年9月29日

2025年9月29日,标普信评发布了上海静安置业(集团)有限公司的主体评级报告。

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稳增长工作方案出台,钢铁行业会好转吗?

标普信评认为,方案的出台将有利于行业利润企稳修复,并促进产业升级进程的加速,但在低谷时期债务的积累使得行业财务杠杆仍维持高位,有效降杠杆或需更长时间。2025年9月22日,工业和信息化部等五部门联合印发《钢铁行业稳增长工作方案(2025-2026年)》(以下简称“《稳增长工作方案》”或“方案”)。该文件主要从五个方面进行部署,旨在应对当前需求不足、供给过剩等挑战,通过优化产业结构,改善供需格局,以促进行业经济效益企稳回升,并设定2025-2026年行业增加值年均增长约4%的目标。

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关于终止“招元和萃2024年第九期不良资产支持证券”优先档证券信用等级的公告

根据“招元和萃2024年第九期不良资产支持证券”(简称“招元和萃2024-9”)的最新受托机构报告,“招元和萃2024-9”项下的优先档资产支持证券(简称“优先档证券”)已经全部偿付完毕。因此,标普信用评级(中国)有限公司终止对由招商银行股份有限公司发起的“招元和萃2024-9”项下优先档证券的信用等级,上述评级将不再更新。

终止前的信用评级结果:

优先A级证券:AAAspc(sf)

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“南向通”避险指南:解析香港债市投资人保护条款

  • 香港市场已逐步建立起较为成熟的投资者保护体系,从“条款设计-执行机制-增信效力”环节来看:
  • 在条款设计上,香港与内地市场虽设有相似的投资者保护条款,但其保护条款一旦触发且未在补救期内补救,即自动构成违约事件,可直接启动法律程序,响应迅速。其中境外债券的交叉违约条款较为典型——香港更频繁使用交叉违约条款,且其触发条件相较内地更容易。
  • 在执行层面,受托人作为法律意义上的信托人,享有独立诉权,可在违约后直接申请清盘或资产保全;同时,当不少于25%持有人请求时,受托人须启动程序,形成“少数发起、集体受益”的高效处置机制。
  • 增信方面,香港市场增信机制多元,其中维好协议是中资境外债的常用增信工具,虽不直接构成担保,但近年来通过北大方正案等司法案例,香港法院承认债权人可据此提起诉讼并主张权利;然而维好协议不具备优先受偿权,效力依赖母公司信用,且跨境执行受限,相较银行备用信用证或资产抵质押等增信工具,保障力度较弱。

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