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

标普信评关于北京国有资本运营管理有限公司董事长变动的关注公告

关于终止汇丰银行(中国)有限公司2022年第二期金融债券评级的公告

关于终止“福元2023年第二期个人汽车抵押贷款资产支持 证券”优先A级证券信用等级的公告

评级报告:义乌市城市投资建设集团有限公司,2025年8月29日


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.)



标普信评关于北京国有资本运营管理有限公司董事长变动的关注公告

2025年8月25日,北京国有资本运营管理有限公司(以下简称“北京国管”或“公司”)发布公告称,根据北京市人民政府决定,潘金峰任北京国有资本运营管理有限公司董事长,免去吴礼顺的北京国有资本运营管理有限公司董事长职务。

标普信评认为,此次变动属于正常人事调整,预计不会对公司的主体信用质量产生显著影响。公司的业务状况和财务风险未发生显著变化,公司仍是北京市目前唯一一家市属国有资本运营公司试点单位, “贯彻落实北京市委市政府战略意图、促进国有资本的有序进退、实现国有资本保值增值”的职能定位未发生改变,北京市政府对公司的外部支持维持“极高”。标普信评将对公司未来经营、财务及整体信用状况保持关注。

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关于终止汇丰银行(中国)有限公司2022年第二期金融债券评级的公告

汇丰银行(中国)有限公司2022年第二期金融债券已完成兑付,该债券不再存续。因此,标普信用评级(中国)有限公司( “标普信评”)终止对该债券的信用评级,对该债券的信用等级不再更新。
标普信评此前授予该债券AAAspc的信用等级;标普信评目前继续维持汇丰银行(中国)有限公司AAAspc/稳定的主体信用等级。 
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关于终止“福元2023年第二期个人汽车抵押贷款资产支持 证券”优先A级证券信用等级的公告

根据“福元2023年第二期个人汽车抵押贷款资产支持证券”(简称“福元2023-2” )的最新受托机构报告, “福元2023-2”项下的优先A级资产支 持证券(简称“优先级A证券”)已经全部偿付完毕。因此,标普信用评级 (中国)有限公司终止对由福特汽车金融(中国)有限公司发起的“福元2023-2”项下优先A级证券的信用等级,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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评级报告:义乌市城市投资建设集团有限公司,2025年8月29日

2025年8月29日,标普信评发布了关于义乌市城市投资建设集团有限公司的主体评级报告。
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