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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

Our Approach to Analyzing Commercial Leasing Companies

评级行动:评定“速利银丰中国梅赛德斯-奔驰租赁有限公司2022年度第一期资产支持票据” 优先级票据信用等级为AAAspc(sf)

Rating Action: Silver Arrow Benz Leasing 2022-1 ABN Senior Notes Assigned AAAspc(sf) Ratings

Credit Analysis of China’s Four G-SIBs’ TLAC-Eligible Non-Capital Bonds


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。



评级行动:评定“速利银丰中国梅赛德斯-奔驰租赁有限公司2022年度第一期资产支持票据” 优先级票据信用等级为AAAspc(sf)

北京,2022年5月19日-标普信评今日宣布,已评定“速利银丰中国梅赛德斯-奔驰租赁有限公司2022年度第一期资产支持票据”项下优先级资产支持票据(以下简称“优先级票据”)的信用等级为AAAspc(sf)。该交易由梅赛德斯-奔驰租赁有限公司发起。

 

等级列表:  

优先级: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:  

评论:解读标普信用评级(中国)个人消费贷款资产支持证券分析方法  

稳中求进 | 标普信评2022年行业展望

 

相关模型:  

标普信用评级(中国)结构融资现金流模型  

 

传媒联络人:

汤劭颖,北京;(86)10-6569-2988;sharon.tang@spgchinaratings.cn

 

分析师

张恩杰,北京;enjie.zhang@spgchinaratings.cn

李佳蓉,北京;jiarong.li@spgchinaratings.cn

杜洁琼,北京;jieqiong.du@spgchinaratings.cn

Click here to view the English version.



Rating Action: Silver Arrow Benz Leasing 2022-1 ABN Senior Notes Assigned AAAspc(sf) Ratings

BEIJING, May 19, 2022- S&P Global (China) Ratings has assigned its rating AAAspc(sf) to Silver Arrow Benz Leasing 2022-1 Asset Backed Notes (SABL 2022-1 ABN) Senior Notes. The transaction was originated by Mercedes-Benz Leasing Co. Ltd. (MBLC).

 

List of Ratings:

Senior: AAAspc(sf)

 

Methodology Applied:

S&P Ratings China--Structured Finance Methodology
 
Related Research:
Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities
Seeking Growth and Stability | China Outlook 2022
 
Models Applied:
SPG China Ratings Structured Finance Cash Flow Engine

 

Media Contacts:

Sharon Tang, Beijing, (86)10-6569-2988; sharon.tang@spgchinaratings.cn

 

Analyst Contacts:

Enjie Zhang, Beijing;    enjie.zhang@spgchinaratings.cn

Jiarong Li, Beijing; jiarong.li@spgchinaratings.cn

Jieqiong Du, Beijing;    jieqiong.du@spgchinaratings.cn



Credit Analysis of China’s Four G-SIBs’ TLAC-Eligible Non-Capital Bonds

We expect the issuance of non-capital bonds to play an important role in ensuring China’s 4 G-SIBs meet total-loss-absorbing capacity (TLAC) standards. At the end of April 2022, the People's Bank of China (PBoC) and China Banking and Insurance Regulatory Commission (CBIRC) jointly issued a notice on TLAC-eligible non-capital bonds issued by global systemically important banks (G-SIBs). The notice follows TLAC-related management measures for G-SIBs which were released by the PBoC, CBIRC and Ministry of Finance in October 2021, and clarifies the key attributes and issuance regulations applicable to TLAC-eligible non-capital bonds.

Click the link below to read more.