In our view, LGFV credit quality is set to see further differentiation in 2023, due to changes in the financing environment, regional land markets and debt maturity pressure. Weak LGFVs will come under growing liquidity pressure, as credit events such as non-standard debt defaults and bank loan restructures increase.

Against this backdrop,  we assessed the banking sector’s exposure to weak LGFVs, and potential impact on capital. We don’t see LGFV risks posing a significant threat to banks’ overall capital adequacy, with capital pressure largely concentrated among certain city banks.

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2024年12月6日，标普信评评定苏州银行股份有限公司2024年第二期金融债券信用等级为AAA_spc。以下链接为相关债项信用等级通知全文。

根据标普信用评级（中国）有限公司（“标普信评”）的日常评级跟踪活动，我们认为中银三星人寿保险有限公司2024年资本补充债券的信用等级在2024年第三季度无变化。

2024年12月4日，标普信评发布法国农业信贷银行最新主体评级报告。