BEIJING，July 5, 2021 -- S&P Global (China) Ratings has affirmed its “AAA_spc” issuer credit rating on Beijing State-Owned Capital Operation and Management Center (“BSCOMC”)，the outlook is stable.

BSCOMC was established in 2008 and is wholly owned by the State-owned Assets Supervision and Administration Commission of People’s Government of Beijing Municipality (Beijing SASAC). BSCOMC’s executive management committee (“Management Committee”) is made up of high-level officials from Beijing SASAC. Playing a strategic role on behalf of the Beijing municipal government, BSCOMC aims to promote the orderly allocation of state-owned capital and achieve capital appreciation of state-owned assets. BSCOMC has equity stakes in high-quality, competitive Beijing SOEs and is an important state-owned capital operation platform under Beijing SASAC.

In our view, the issuer credit rating of “AAA_spc” reflects BSCOMC’s critical importance to Beijing municipal government and its substantial investment portfolio, which has good asset credit quality and good diversification across various industries and regions. We view BSCOMC’s financial risk profile as modest. BSCOMC has a low loan-to-value ratio, strong cash flow adequacy ratio and a good capital structure. We expect BSCOMC to maintain good access to refinancing in the future.

We view the indicative support capacity of Beijing municipal government as extremely strong, and regard BSCOMC as critical to its government. BSCOMC has very close ties with Beijing municipal government in terms of its equity structure and decision-making process, and we believe it plays a very important role on the government’s behalf. Major investment decisions require the Beijing municipal government’s approval. Since its establishment, BSCOMC has received ongoing support from Beijing municipal government via equity transfers, capital injections and other aspects. We do not anticipate any changes to the strategic role BSCOMC plays on behalf of the Beijing municipal government.

By the end of December 2020, BSCOMC had over RMB 3.1 trillion in assets under management, accounting for more than half of the assets under Beijing SASAC. On behalf of the Beijing municipal government, BSCOMC carries out its capital operations mainly through equity investments and fund investments.

In our opinion, BSCOMC’s investment portfolio has good indicative asset credit quality. BSCOMC has equity stakes in several high-quality SOEs in Beijing which are competitive players in their respective industries. We believe that the indicative credit quality of the main investee companies in the portfolio is relatively good and overall better than the national average.

BSCOMC’s portfolio is, in our view, well diversified. Its investee companies are spread across a wide range of industries and geographic regions. The portfolio covers more than 10 industries dispersed across upstream and downstream sectors. Major industries in the portfolio include: metals and mining downstream, unregulated power and gas, transportation infrastructure, Auto OEM, building materials, agribusiness and commodity foods, real estate developer, technology hardware and semiconductors, etc.A considerable portion of companies in the investment portfolio transitioned from regional Beijing-based SOEs to large-scale players with operations across the country, developing good reputations nationwide.

In our view, BSCOMC’s large investment portfolio and relatively light parent-level debt can help it maintain its LTV ratio at a relatively low level. We expect some of BSCOMC’s investments to be debt-funded, while its abundant cash reserves can also cover other investment demand. Overall debt is expected to rise slightly.  In our view, BSCOMC will maintain its prudent financial policy and keep its LTV ratio at a low level in the coming year.  We expect BSCOMC’s adjusted cash dividends and interest income to cover its interest and daily operating expenses, with cash adequacy ratio at a sufficient level.

The stable outlook on BSCOMC reflects our view that BSCOMC is critical to the Beijing municipal government, and that the indicative support capacity of Beijing municipal government remains extremely strong. As Beijing’s primary state-owned capital operation platform, we do not expect the strategic role BSCOMC plays on behalf of Beijing municipal government to change, wherein it promotes the orderly allocation of state-owned capital and achieves capital appreciation of state-owned assets. The scale of BSCOMC’s investment portfolio is expected to remain stable and asset credit quality is set to maintain a good level, with BSCOMC’s investments widely distributed across various industries. We expect BSCOMC to continue adhering to its prudent financial policy while maintaining a low LTV ratio.

Downside scenario:

In our opinion, the likelihood of BSCOMC’s issuer credit rating being downgraded is very low. However, we might consider lowering the rating of BSCOMC in the following circumstances:

1) BSCOMC’s role and status change significantly, weakening its importance to the Beijing municipal government. This scenario could occur if i) the ownership structure changes, and Beijing SASAC no longer has direct control over BSCOMC; ii) the management and decision-making process changes significantly, weakening the control of Beijing government over the appointment of BSCOMC’s Management Committee and limiting their control over its investment decisions; iii) a significant proportion of BSCOMC’s assets are transferred out of its portfolio, significantly impacting its role in managing state-owned assets.

2) Beijing's indicative support capacity weakens significantly.

Upside scenario: not applicable

Related Methodologies:

S&P Global (China) Ratings-Corporate Methodology, July 28, 2020

S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking, May 21, 2019

Related Research:

Understanding S&P Global (China) Ratings Corporate Methodology, July 28, 2020

Commentary: Understanding S&P Global (China) Ratings General Considerations On Rating Modifiers and Relative Ranking Methodology, June 29, 2020

Commentary: Analyzing Investment Holding Companies’ Credit Quality With S&P Global (China) Ratings’ Corporate Methodology, March 1, 2021

Media Contacts:

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

Analyst Contacts:

Huang Wang, Beijing; huang.wang@spgchinaratings.cn

Renyuan Zhang，Beijing; renyuan.zhang@spgchinaratings.cn

Yingxue Ren, Beijing; yingxue.ren@spgchinaratings.cn

• 绿色金融的概念是动态发展的，其支持范围已从传统的环保产业活动扩展到传统高碳行业的低碳转型活动，并逐步形成了以可持续发展为核心的理念体系。在中国，绿色金融的支持范围随着国家对绿色金融目录的更新而持续调整。最新发布的《绿色金融支持项目目录（2025年版）》标志着绿色金融正朝着促进整个经济体系绿色转型的方向迈进。
• 中国、欧盟和美国在绿色金融政策体系上各具特色：欧盟强调法律先行、标准统一及强制信息披露要求，构建了全球范围内较为完善且具约束力的绿色金融监管与市场体系；中国的绿色金融政策体系主要依赖部门规章层级的政策性指导文件，这些文件的强制性弱于法律；而美国则更倾向于利用成熟的资本市场和强大的市场驱动力，但由于联邦层面缺乏一贯性和长期稳定性，导致整体政策连续性较弱。
• 国际主要绿色标准对比显示，欧盟在技术指标设定与评估流程设计上具有更高的规范性与精细化程度，相比之下，中国的绿色标准体系主要采用“正面清单”模式，旨在提升政策可操作性以扩大绿色金融市场，但在技术细节等方面不如欧盟标准详尽。国际通行标准则注重原则导向与灵活性，为不同司法管辖区的制度适配提供较大空间。
• 中国绿色金融政策体系在深化过程中仍面临多重挑战：与国际标准的一致性不足、ESG信息披露的强制性和覆盖面不足，以及现行机制偏向追求短期规模扩张而非长期绿色项目的效益评估。

• 预计2025年全国商品房销售压力仍存。高线城市继续支撑市场，但结构上仍面临二手房分流、库存分化明显的矛盾。稳住楼市仍有赖于政策的持续发力，城中村改造货币化安置及回储政策或将是政策发力的重点。
• 受益于债务置换及专项债券用途扩展，城投企业流动性压力缓解，短期内出现债券信用风险事件的概率较低，但基本面难以显著改善。长期关注中央债务化解新增政策和城投转型成效。
• 与房地产行业紧密相关联的钢铁和建筑工程施工行业将基本延续需求疲软趋势。其中钢铁行业“反内卷”和成本回落或有助于利润修复，但财务杠杆仍将维持高位；建筑工程施工行业利润率将在低位保持稳定。
• 火电、风电设备和光伏制造行业的企业盈利能力或将改善，煤炭、清洁能源发电、整车制造以及商业物业持有及运营行业的企业利润率或将有所下降，杠杆率将有所上升。
• 商业银行净息差继续收窄，信用成本依然承压，行业总体盈利性较2024年会有小幅下降，但信用质量仍然能保持稳定，未来12个月高风险银行违约风险可控。

• 财政部年内两次通报隐性债务问责案例，反映出地方化债形势依然严峻，中央政府监管依然 较为严格。
• 7月30日召开的中共中央政治局会议重申加强地方债务风险防控，明确“有力有序有效推进 地方融资平台出清”。我们认为，政策意在剥离城投企业的政府融资职能，而非否定其主体 价值；未来，城投公司仍可通过市场化转型继续实现发展。
• 近年来，中央政府采取力度空前的政策措施，全力支持地方政府化解隐性债务，但今年审计 署披露的违规举债情况表明，部分地区在化解隐性债务方面仍需改进和加强。在此背景下， 中央持续释放对违规融资“零容忍”的强烈信号，以防范地方政府可能出现的道德风险。