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Presale: Toyota Glory 2021 Phase II Retail Auto Loan Credit Asset-backed Securities, July 29, 2021

Express Delivery Industry: Financial Risk is Increasing

Issue Rating Notice: Crédit Agricole S.A. 2021 Renminbi Bonds (Series 2) to be Rated “AAAspc”

债项信用等级通知:评定法国农业信贷银行2021年第二期人民币债券信用等级为AAAspc

城市轨道交通行业发债企业信用分析


Presale: Toyota Glory 2021 Phase II Retail Auto Loan Credit Asset-backed Securities, July 29, 2021

On July 29, 2021, S&P Global (China) Ratings published its presale report on Toyota Glory 2021 Phase II Retail Auto Loan Credit Asset-backed Securities. Please click the button below to read the report in PDF.



Express Delivery Industry: Financial Risk is Increasing

In our view, overall financial risk in the express delivery industry is significantly higher in 2021 as a fierce price war eats away at profitability. As this race to the bottom continues with no end in sight, players would struggle to resolve the dilemma through raising prices.
We highlight two types of risk in this situation: firstly, where gross profit per delivery comes close to or even drops below zero, leading to a significant decline in cash flow to debt coverage; secondly, where demand for capital expenditure reaches a large enough level that debt pressure may increase significantly.

Click the link below to read more.



Issue Rating Notice: Crédit Agricole S.A. 2021 Renminbi Bonds (Series 2) to be Rated “AAAspc”

 On September 7, 2021, S&P Global (China) Ratings assigned its “AAAspc” issue rating to Crédit Agricole S.A. 2021 Renminbi Bonds (Series 2). Linked is the full Issue Rating Notice.



债项信用等级通知:评定法国农业信贷银行2021年第二期人民币债券信用等级为AAAspc

2021年9月7日,标普信评评定法国农业信贷银行2021年第二期人民币债券信用等级为AAAspc。以下链接为相关债项信用等级通知全文。

Click here to view the English version. 



城市轨道交通行业发债企业信用分析

  • 我们认为,得益于地方政府较大的潜在支持力度,样本中的城市轨道交通企业的潜在主体信用质量较好,在工商企业各行业里位居前列。
  • 我们认为,样本中的城市轨道交通企业的业务状况主要由其所在城市的经济发达程度、居民对城市轨道交通出行依赖程度和运营里程长度等因素决定,不同城市的样本企业表现存在差异。
  • 我们发现,样本中的城市轨道交通企业的财务风险普遍偏高,投资规模大且回报周期长,公益属性强导致盈利水平偏低,对其他业务和政府补助较为依赖,但再融资风险不高。
  • 我们认为,样本中的城市轨道交通企业对地方政府的潜在重要性普遍很高,其潜在主体信用质量往往受地方政府的潜在支持能力影响较大。