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Announcement:

Moody's: Credit trends are stable for most Chinese rated non-financial corporates

 The document has been translated in other languages

26 Jul 2017

Hong Kong, July 26, 2017 -- Moody's Investors Service says that credit trends for most rated Chinese non-financial corporates are stable, with only those in the retail sector facing still weak but improving credit profiles.

"A challenging operating environment and merger & acquisition activity have pressured the credit profiles of Chinese retail companies, but revenue and margins are stabilizing thanks to improved product and service offerings, and upgraded shopping environments," says Lina Choi, a Moody's Vice President and Senior Credit Officer.

Choi was speaking on the release of Moody's report "Rated Non-Financial Corporates -- China: Credit Trend Monitor".

This report assesses key credit trends across the first half of 2017 for (1) Internet and technology companies; (2) automakers and auto services companies; (3) retailers; (4) national oil companies; (5) construction and engineering companies; (6) property developers; and (7) utilities.

Moody's says revenue growth will slow for Internet and technology companies, but remain stable, supported by steady consumer demand and increased monetization.

Automakers and auto services companies will also see stable but slowing revenue growth, due to reduced vehicle purchase tax incentives.

National oil companies meanwhile will benefit from recovering oil prices, which should support some deleveraging.

Construction and engineering companies will also see moderate revenue growth and stable leverage for 2017, driven by solid domestic and overseas infrastructure investment as well as a large order backlog for existing property projects.

The credit profiles of rated developers should improve in 2017, despite slowing sales growth from tighter government controls. The major developers will continue to increase their market share, supported by their strong branding and execution abilities, solid financial profiles and continued access to funding.

Finally, Moody's expects the credit profiles of utilities also to remain broadly stable under the current regulatory framework.

Subscribers can access the full report at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1078683

The report may also be found through Moody's topic page "China's Trilemma: Growth, Reform 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 Trilemma include:

• Securities Companies -- China: Rising credit pressure from stock-pledged lending business

• Auto ABS -- China: Surge in used vehicle sales is credit positive for Chinese auto ABS

• Banks -- China: Measures to curb shadow banking benefit banks but also bring adjustment risks

• P&C Insurance -- China: Proposed compulsory pollution liability cover to fuel non-motor premium growth

• Local government financing vehicles (LGFVs) -- China: Policies limiting support are credit negative for LGFVs; contingent liabilities to persist

• China Property Focus: Lower-tier city sales growth outpaced higher-tier cities but sustainability uncertain

• Regional and Local Governments -- Chin: Debt and Finances Snapshot

• Life Insurance -- China: Growth and Regulatory Challenges Underpin Negative Outlook

• China's Proposed Regulations for Credit and Guarantee Insurance Are Credit Positive for Insurers

• Asset Management -- China: MSCI Inclusion of China's A Shares Is Positive for Chinese Equity Markets

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.
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