• On 21 May 2013, Moody’s announced rating actions on MBIA Insurance Corp., National Public Finance Guarantee Corp., MBIA Inc. and other related entities. Because of the large number of credits across several asset classes affected by these rating actions, including Moody's-rated securities that are guaranteed or "wrapped" by these companies, ratings appearing on this website may not yet reflect current information. For current information on affected credits, please visit www.moodys.com/fig.
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Related Issuers
Announcement:

Moody's Disclosures on Credit Rating of Export-Import Bank of China

Global Credit Research - 03 May 2012

Hong Kong, May 03, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Export-Import Bank of China and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Export-Import Bank of China.

Moody's current ratings on Export-Import Bank of China are:

Export-Import Bank of China

Senior Unsecured (domestic and foreign currency) ratings of Aa3

RATING RATIONALE

The Export-Import Bank of China (China EXIM) is considered a government related issuer (GRI). The bank's credit quality derives from the credit quality of the government of China. Thus, China EXIM's rating incorporates Moody's assumption of an extremely high level of support from, and a high level of dependence on, the government.

The bank's Aa3 senior unsecured debt rating reflects Moody's view that the bank will continue to play an important policy role in China and receive full support from the government. It is the same as the government's bond rating and aligned with the country's Aa3 bond ceiling.

For the updated GRI rating methodology, refer to Moody's comment titled "Government-Related Issuers: Methodology Update", July 2010.

In rating China EXIM, Moody's has incorporated the presence of support from the government for its regular business. The bank's weak stand-alone financial profile, resulting from its policy function, is compensated for by subsidies from the Ministry of Finance (MOF).

The principal business of China EXIM is to promote and finance China's export sector by providing loans and guarantees to Chinese exporters and/or to foreign buyers of Chinese capital goods. Its export financing business is highly correlated with the national economy. As a policy bank wholly-owned by the government, its strategy and lending activities are highly influenced by government directives.

As a policy bank, it is under the direct leadership of the State Council. It receives strong government backing, including compensation from MOF for any losses on its book, liquidity support from the central bank, and privileged access to domestic and international capital markets.

In August, 2010, Central Huijin Investment Ltd. raised RMB54 billion in the domestic interbank market, the first part of an overall fund-raising program worth RMB187.5 billion. Of the total, about RMB50 billion is earmarked for recapitalizing China EXIM, and China Export and Credit Insurance Corp. Such strong state support should continue as long as the bank's policy function remains intact.

Rating Outlook

The outlook on China EXIM's long-term rating is positive, mirroring the positive outlook on China's sovereign ratings.

The last rating action was taken on November 11, 2010, when Moody's upgraded China EXIM's long-term foreign currency senior debt rating to Aa3 from A1. The action followed Moody's earlier decision to upgrade both China's long-term foreign currency sovereign rating and the ceiling for foreign currency bank deposit rating to Aa3 from A1, and change the outlook to positive.

What Could Change the Rating - UP

-An upgrade of China's sovereign ratings

What Could Change the Rating - DOWN

- Diminishing strategic importance due to changes in its policy role, or weakening in its relationship with the government, such that strong government support is no longer assured

- A downgrade of China's sovereign ratings

- Reduction in government ownership

The principal methodology used in this rating was Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The Local Market analyst for this rating is Yi Zhang, 86-10-6319-6562.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, and public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Bin Hu
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's Disclosures on Credit Rating of Export-Import Bank of China
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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