Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
AAC Technologies Holdings Inc.
Agile Group Holdings Limited
Alibaba Group Holding Limited
Anhui Conch Cement Company Limited
Anton Oilfield Services Group
Baidu Inc.
Baoshan Iron & Steel Co., Ltd.
Baosteel Resources International Company Ltd.
Beijing Automotive Group Co., Ltd.
Beijing Capital Land Limited
Beijing Energy Holding Co., Ltd.
Beijing Enterprises Group (BVI) Company Ltd
Beijing Enterprises Holdings Limited
Beijing Gas Group Company Limited
Binhai Investment Company Limited
CAR Inc.
Central China Real Estate Limited
Changchun Urban Dev. Invs. Hldgs (Grp) Co Ltd
China Aoyuan Property Group Limited
China Baowu Steel Group Corporation Limited
China Communications Construction Co. Ltd.
China Energy Engineering Corporation Limited
China Evergrande Group
China General Nuclear Power Corporation
China Grand Automotive Services Co., Ltd.
China Hongqiao Group Limited
China Huadian Corporation LTD.
China Huiyuan Juice Group Limited
China Jinjiang Environment Holding Co. Ltd.
China Jinmao Holdings Group Limited
China Lesso Group Holdings Limited
China Longyuan Power Group Corporation Ltd.
China Mengniu Dairy Company Limited
China Metallurgical Group Corporation
China Minmetals Corporation
China National Bluestar (Group) Co., Ltd.
China National Chemical Corporation
China National Gold Group Corporation
China National Offshore Oil Corporation
China National Petroleum Corporation
China Oil and Gas Group Limited
China Overseas Grand Oceans Group Limited
China Overseas Land & Investment Limited
China Petrochemical Corporation
China Railway Construction Corp Ltd
China Railway Group Limited
China Resources Gas Group Limited
China Resources Land Limited
China Resources Power Holdings Co., Ltd
China SCE Property Holdings Limited
China Shenhua Energy Company Limited
China Southern Power Grid Co., Ltd.
China State Construction Engineering Corp Ltd
China State Construction Int'l Holdings Ltd
China Three Gorges Corporation
China Vanke Co., Ltd.
China Water Affairs Group Limited
CIFI Holdings (Group) Co. Ltd.
Country Garden Holdings Company Limited
CRRC Corporation Limited
CRRC Zhuzhou Locomotive Co., Ltd.
Dalian Wanda Commercial Management Grp Co Ltd
Dongfeng Motor Group Company Limited
ENN Energy Holdings Limited
Famous Commercial Limited
Fantasia Holdings Group Co., Limited
Future Land Development Holdings Limited
Future Land Holdings Co., Ltd
GCL New Energy Holdings Limited
Geely Automobile Holdings Limited
Gemdale Corporation
Golden Eagle Retail Group Ltd
Golden Wheel Tiandi Holdings Company Limited
Greenland Holding Group Company Limited
Greenland Hong Kong Holdings Limited
Greentown China Holdings Limited
Guangdong Helenbergh Real Estate Group Co Ltd
Guangdong Hengjian Investment Holding Co Ltd
Guangzhou R&F Properties Co., Ltd.
Hangzhou Hikvision Digital Tech. Co., Ltd.
Health and Happiness (H&H) Int'l. Hldgs. Ltd.
Hengli (Hong Kong) Real Estate Limited
Hilong Holding Limited
Honghua Group Limited
Hopson Development Holdings Limited
Huachen Energy Co., Ltd.
Hydoo International Holding Limited
International Financial Center Property Ltd.
JD.com, Inc.
Jiangsu Nantong Sanjian Const. Grp. Co., Ltd.
Jiangsu Zhongnan Construction Grp Co., Ltd
Jiayuan International Group Limited
Jingrui Holdings Limited
Kangde Xin Composite Material Group Co., Ltd.
Kunlun Energy Company Limited
KWG Property Holding Limited
Lai Fung Holdings Limited
Landsea Green Group Co., Ltd.
Logan Property Holdings Company Limited
Longfor Group Holdings Limited
LVGEM (China) Real Estate Investment Co. Ltd.
Maoye International Holdings Ltd.
Metallurgical Corporation of China Ltd.
Midea Group Co., Ltd.
Modern Land (China) Co., Limited
Pactera Technology International Ltd.
Panda Green Energy Group Limited
Parkson Retail Group Limited
Poly Real Estate Group Co. Ltd
Power Construction Corporation of China
Powerlong Real Estate Holdings Limited
R&F Properties (HK) Company Limited
Reward Science and Tech. Industry Grp. Co Ltd
Road King Infrastructure Limited
Ronshine China Holdings Limited
Semiconductor Manufacturing Int'l Corp.
Shandong Ruyi Technology Group Co., Ltd.
Shanghai Construction Group Co., Ltd.
Shanghai Electric (Group) Corporation
Shanghai Electric Group Company Limited
Shanghai Electric Power Company Limited
Shanghai Huayi (Group) Company
Shimao Property Holdings Limited
Sinochem International Corporation
Sino-Ocean Group Holding Limited
SINOPEC Engineering (Group) Co., Ltd.
State Grid Corporation of China
State Grid International Development Limited
State Power Investment Corporation Limited
Sunac China Holdings Limited
Sunny Optical Technology (Group) Co. Ltd.
Sunriver Holding Group Company Limited
Tahoe Group Co., Ltd
Tencent Holdings Limited
Tianqi Lithium Corporation
Times China Holdings Limited
Tingyi (Cayman Islands) Holding Corp.
Tongyi Industrial Group Co., Ltd.
Towngas China Company Limited
Vipshop Holdings Limited
Wanda Commercial Properties (HK) Co. Limited
Wanhua Chemical Group Co., Ltd.
Want Want China Holdings Limited
West China Cement Limited
WH Group Limited
Wuzhou International Holdings Limited
Xinhu Zhongbao Co., Ltd.
Xinjiang Goldwind Science & Technology Co Ltd
Yango Group Co., Ltd
Yanlord Land Group Limited
Yanzhou Coal Mining Company Limited
Yida China Holdings Limited
Yingde Gases Group Company Limited
Yuexiu Property Company Limited
Yuzhou Properties Company Limited
Zhejiang Hengyi Group Co., Ltd
Zhejiang Provincial Energy Group Co. Ltd
Zhenro Properties Group Limited
Zhuzhou City Construction Dev. Group Co Ltd
Announcement:

Moody's: Credit conditions will remain stable for China's rated corporates in 2018

 The document has been translated in other languages

31 May 2018

Hong Kong, May 31, 2018 -- Moody's Investors Service says that credit conditions will remain stable in 2018 for the 12 sectors in which its rated Chinese companies operate, while rating trends are also mostly stable, with upgrades outnumbering downgrades.

"The prospects for revenue growth vary for each sector, while profit margins are maintained by improved operating efficiency and more balanced supply-demand conditions," says Lina Choi, a Moody's Vice President and Senior Credit Officer.

Moody's conclusions are contained in its just-released report, "Rated non-financial companies -- China: Credit Trend Monitor for 2018". The report looks at 12 sectors with the outlooks summarized below.

Auto and auto services: Revenue growth will slow in 2018 because the vehicle-purchase tax cut expired at year-end 2017.

Chemicals: Credit profiles will remain stable because moderate GDP growth and supply-side reform support profitability despite rising feedstock costs.

Construction and engineering: Revenue growth and margin will remain stable, supported by solid domestic and overseas infrastructure investment and a large order backlog for property projects.

Food and beverage: Revenue and cash flow growth will be moderate, driven by product upgrades. We expect 5%-10% cash flow growth for the rated companies.

Internet and technology: Core revenue growth for internet companies will remain 25%-40% as monetization efforts increase. Credit quality will remain stable.

Manufacturing: Underlying operations and credit quality will remain stable. Capital spending and acquisitions in 2017 will support revenue and EBITDA growth in 2018.

Metals and mining: Earnings growth will be generally flat as production increases are offset by commodity prices declining slightly from the high levels seen in 2017.

Oil and gas: Profits and cash flow will increase amid stable oil and gas prices. The rated companies can cover their capital spending increases with cash flow from operations and internal liquidity sources.

Property: Credit metrics will diverge further in 2018 as tightening credit conditions slow sales growth, reduce liquidity and accelerate industry consolidation.

Retail: Retail operations are stabilizing, as indicated by increased same-store sales and gross sales proceeds.

Steel and cement: Capacity reductions have improved the supply-demand balance, which can mitigate a potential weakening of demand for steel and cement.

Utilities: Coal-fired gencos face challenges from delayed cost pass-throughs and increased competition from clean energy.

Subscribers can access the report at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1122108

The report may also be found through Moody's topic page "China's trade-off: Deleveraging and stability", available at http://www.moodys.com/chinarebalancing. This page provides a centralized source for Moody's research related to key credit issues in China as the country's macroeconomic story continues to unfold.

Recent Moody's publications relating to China's trade-off include:

• Property -- China: Sales growth to slow through 2018 as regulatory tightening continues

• Corporates: Cooling of US-China trade dispute reduces risks for Chinese corporates

• Property — China: Growth underpinned by households, constrained by regulations on credit supply

• Rated oil-field services companies — China: Increased E&P demand will drive strong earnings growth and leverage reduction

• Cross-Sector — US and China: China is focused on developing its tech sectors despite risk of US restrictions

• Leasing: China's unification of the supervisory structure for leasing companies is credit positive

• Property — China: Latest regulatory measures are manageable for Chinese property developers

• Quarterly China Shadow Banking Monitor

• Rated non-financial companies — China: Domestic focus and low reliance on US tech reduce exposure to US-China trade dispute

• Evolving trade patterns — Asia Exports still drive growth, as intra-regional links increasingly define how Asia trades

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Lina Choi
VP - Senior Credit Officer
Corporate Finance 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
Client Service: 852 3551 3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 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
Client Service: 852 3551 3077

No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.