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Following a desktop analysis of 24 local government financing vehicles (LGFVs) in Yunnan Province, we believe that the median indicative issuer credit quality of vehicles in the province is slightly lower than the national median.
- We view Kunming has the strongest indicative support capability for LGFVs among the municipal governments in the province.
- Although Dali, Qujing, and Yuxi have relatively strong indicative support capability for LGFVs, the distribution of their LGFVs’ indicative issuer credit quality differs due to varied importance of the LGFVs.
A Closer Look at China’s LGFVs: Yunnan
评级行动：评定“兴瑞2025年第六期不良资产支持证券” 优先档证券信用等级为AAAspc(sf)
Credit Rating Report: Yiwu China Commodities City Holdings Limited, June 17, 2025
Credit Rating Report: Zhejiang China Commodities City Group Co., Ltd., June 17, 2025
标普信评不动产及REITs观察系列——不动产融资破局之道 ：“首发+扩募”双轮驱动下的多层次REITs市场
A Closer Look at China’s LGFVs: Yunnan
评级行动：评定“兴瑞2025年第六期不良资产支持证券” 优先档证券信用等级为AAAspc(sf)
北京，2025年6月18日—标普信评宣布，已评定“兴瑞2025年第六期不良资产支持证券”项下优先档资产支持证券（以下简称“优先档证券”）的信用等级为AAAspc(sf)。该交易由兴业银行股份有限公司发起。
信用等级列表：
优先档证券：AAAspc(sf)
相关方法：
标普信用评级（中国）— 结构融资评级方法论
相关评论与研究：
标普信用评级（中国）个人消费贷款资产支持证券分析方法
中国不良资产支持证券市场多维度观察2025版
传媒联络人：
雷文静，北京；(86)10-6569-2961；michelle.lei@spgchinaratings.cn
分析师：
李佳蓉，北京；jiarong.li@spgchinaratings.cn
李开颜，北京；kaye.li@spgchinaratings.cn
Credit Rating Report: Yiwu China Commodities City Holdings Limited, June 17, 2025
- Author Yingxue Ren Zhelun Lu
- Sector Corporates
- Credit Outlook Stable
- Issuer Rating AAAspc
- Issue Rating -
On June 17,2025, S&P Global (China) Ratings published its latest credit rating report on Yiwu China Commodities City Holdings Limited. Please click the link below to read the PDF.
- Author
- Yingxue Ren Zhelun Lu
- Sector
- Corporates
- Credit Outlook
- Stable
- Issuer Rating
- AAAspc
- Issue Rating
- -
Credit Rating Report: Zhejiang China Commodities City Group Co., Ltd., June 17, 2025
- Author Yingxue Ren Zhelun Lu
- Sector Corporates
- Credit Outlook Stable
- Issuer Rating AAAspc
- Issue Rating -
On June 17,2025, S&P Global (China) Ratings published its latest credit rating report on Zhejiang China Commodities City Group Co., Ltd. Please click the link below to read the PDF.
- Author
- Yingxue Ren Zhelun Lu
- Sector
- Corporates
- Credit Outlook
- Stable
- Issuer Rating
- AAAspc
- Issue Rating
- -
标普信评不动产及REITs观察系列——不动产融资破局之道 ：“首发+扩募”双轮驱动下的多层次REITs市场
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