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研究报告

Foreign Bank Subsidiaries Maintain Sound Credit Quality Despite COVID-19 | A Study on the Creditworthiness of Foreign Bank Subsidiaries in China

福建省三明高速公路有限公司取消监事会、 监事不影响其信用质量

严监管压力下的364境外债——弱资质城投面临高成本与流动性博弈

Credit Rating Report: BMW China Capital B.V., July 7 2025

评级报告:宝马中国资本有限责任公司,2025年7月7日


Foreign Bank Subsidiaries Maintain Sound Credit Quality Despite COVID-19 | A Study on the Creditworthiness of Foreign Bank Subsidiaries in China

Foreign bank subsidiaries have been less affected by COVID-19 because of their very good capitalization and asset quality before the pandemic and conservative approach during the outbreak. 
While domestic banks accelerated lending in 2020, foreign bank subsidiaries generally continued lending at the same pace, or even reduced their loan books for risk management considerations. This may result in their overall market share shrinking further, which was already very small before the pandemic.
The indicative issuer credit quality of foreign bank subsidiaries is typically closely aligned with the credit standing of their parents. Ratings by S&P Global Ratings demonstrate how the credit quality of large international banks has remained relatively stable despite the pandemic, and this further underpins the generally good credit quality of foreign bank subsidiaries in China. 



福建省三明高速公路有限公司取消监事会、 监事不影响其信用质量

2025年7月1日,福建省三明高速公路有限公司(以下简称“三明高速”或“公司”)发布《福建省三明高速公路有限公司关于取消监事会、监事的公告》称,根据《公司法》、公司章程规定以及公司相关决策程序,公司不再设立监事会和监事,董歆昕不再担任公司监事。
标普信用评级(中国)有限公司(以下简称“标普信评”)认为,此次取消监事会及监事为三明高速依据《公司法》进行的正常组织管理架构简化,不影响公司的主体信用质量。三明高速的业务状况和财务风险未发生变化,公司将持续在三明市的高速公路运营领域发挥重要作用,福建省高速公路集团有限公司对其外部支持维持“高”。

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严监管压力下的364境外债——弱资质城投面临高成本与流动性博弈

  • 近期城投“364境外债”的新增发行,体现了相关区域在财政和再融资压力偏紧的情况下与监管的博弈。2025年以来至今,中国城投企业在境外债券市场共发行11只1年期以下债券,主要集中在河南、山东、福建等省份的区县级城投企业,其中新增“364境外债”发行人主要为河南省洛阳、开封、郑州市的区县级城投和山东省临沂市园区城投。
  • 随着监管政策收紧,特别是对一年期以内境外债券的严格规定出台,依赖高息短期债券进行融资的空间正迅速缩小,资质较弱的低层级城投企业再融资面临严峻挑战。

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Credit Rating Report: BMW China Capital B.V., July 7 2025

On July 7, 2025, S&P Global (China) Ratings published its latest rating report on BMW China Capital B.V. Please click the link below to read in PDF.

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评级报告:宝马中国资本有限责任公司,2025年7月7日

2025年7月7日,标普信评发布宝马中国资本有限责任公司评级报告。
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