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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我们认为，8月以来房地产政策的及时调整有助于遏制当下市场销售的下滑趋势。自7月末中央政治局会议定调“房地产市场供求关系已发生重大变化”后，多项房地产调整优化政策密集出台，包括降低首套及二套房首付比例、一线城市全面实行“认房不认贷”、存量房贷利率调整等。我们认为，“认房不认贷”等政策的落地能够切实释放部分刚需购房群体被抑制的需求，9月以来北京、上海二手房及新房市场活跃度明显上升。

On September 26, 2023, S&P Global (China) Ratings published its credit rating report on Kookmin Bank (China) Limited. Please click the link below to read.

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标普信评评定渣打银行（中国）有限公司2023年第一期金融债券的债项信用等级为AAA_spc。

以下链接为相关债项信用等级通知全文。