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评级报告

资本市场不确定性加剧环境下,证券公司的低杠杆支撑其信用质量 | 国内证券公司信用质量分布研究

CSRC Refinancing Support Looks to Ease Pressure on Property Developers

Bank Industry Credit Quality to Remain Stable Amid Calls for More Lending to Property Developers

售前评级报告:吉时代2022年第五期个人汽车抵押贷款资产支持证券,2022年11月30日

Presale: Generation 2022-5 Retail Auto Mortgage Loan Securitization, November 30, 2022


资本市场不确定性加剧环境下,证券公司的低杠杆支撑其信用质量 | 国内证券公司信用质量分布研究

- 证券公司对股市的市场风险敞口高,但低杠杆缓解了风险,增强了证券公司信用质量的韧性。

- 国内证券行业受到审慎严格的监管,有利于行业保持稳定。

- 近年来,股市交易量增加;同时,券商压降股票质押式回购业务,降低了信用风险敞口,券商近期盈利性良好。

- 我们认为,国内证券公司的信用质量差异显著,证券公司潜在个体信用质量分布在[aspc+]至[bspc-],潜在主体信用质量分布在[AAspc]至[Bspc-]。

- 我们认为证券公司对金融系统构成的系统性风险较小,拥有投资级及以上信用质量的券商掌握着整个行业90%以上的资产。



CSRC Refinancing Support Looks to Ease Pressure on Property Developers

On November 28, 2022, the China Securities Regulatory Commission (“CSRC”) issued a number of measures on capital market financing for real estate developers. These included a green light for M&A activity and related financing support for listed developers, resumption of refinancing for listed real estate companies, optimization of refinancing policies for Hong Kong-listed property developers, promotion of issuance of REITs and the establishment of private equity funds.

Click the link below to read more.



Bank Industry Credit Quality to Remain Stable Amid Calls for More Lending to Property Developers

On November 23, the People's Bank of China (“PBOC”) and the China Banking and Insurance Regulatory Commission (“CBIRC”) issued a notice “Providing Financial Support for the Stable and Healthy Development of the Real Estate Market.” The notice included 16 guidelines which, in our view, should help stabilize credit quality in the real estate sector. This in turn should play a positive role in maintaining stable credit quality in the banking industry.



售前评级报告:吉时代2022年第五期个人汽车抵押贷款资产支持证券,2022年11月30日

2022年11月30日,标普信评发布吉时代2022年第个人汽车抵押贷款资产支持证券售前评级报告。

Click here to view the English version.



Presale: Generation 2022-5 Retail Auto Mortgage Loan Securitization, November 30, 2022

On November 30, 2022, S&P Global (China) Ratings published its presale report on Generation 2022-5 Retail Auto Mortgage Loan Securitization. Please click the button below to read the report in PDF.