(Editors' note: This is an update of the commentary published on May 12, 2022, with minor changes on the cutoff points in table 7.)

According to our financial institution (“FI”) rating criteria, we typically determine the stand-alone credit profile (“SACP”) based on our assessment of an institution’s anchor, a starting point, and then incorporating its own characteristics compared with the anchor. The entity-specific factors that we may use to adjust from the anchor include business position, capital & earnings, risk position, and funding & liquidity. We then determine the issuer credit ratings (“ICR”) based on the SACP and our assessment of potential group or government influence in time of stress.

• 在民企违约、地产违约导致市场风险偏好下降的背景下，近年来民企债券发行规模有所收缩，房地产等行业民企债券发行显著下降，而食品饮料、通信设备等消费相关及新兴产业民企表现尚可。民企债券融资利率下行，优质主体融资成本降低，但净融资为负，这表明民企整体融资情况未改善。
• 监管部门持续加大对民营企业融资的支持力度，通过政策创新和制度优化不断拓宽民企融资渠道，近期科技创新债券等新型金融工具的应用，为解决民企融资难题提供了新的路径和发展机遇，有望进一步激活市场活力，促进民企高质量发展。
• 样本民营企业的潜在主体信用质量中位数处于 a 序列，潜在主体信用质量较高的民营企业主要分布于消费、物流、科技硬件、金属冶炼等行业，这些企业在影响行业发展的关键因素上表现尤为出色。
• 要提升资本市场对民企的认可度和加强其直接融资能力，既需要企业提高自身实力，又需要加大政策支持力度和完善市场机制等多管齐下的方式。