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
Alibaba Group Holding Limited
Anhui Conch Cement Company Limited
Anhui Transportation Holding Group Co., Ltd.
Anton Oilfield Services Group
AVIC International Holding Corporation
Baidu Inc.
Baoshan Iron & Steel Co., Ltd.
Baosteel Resources International Company Ltd.
Beijing Automotive Group Co., Ltd.
Beijing Capital Group Co., Ltd.
Beijing Energy Holding Co., Ltd.
Beijing Enterprises Group (BVI) Company Ltd
Beijing Enterprises Holdings Limited
Beijing Gas Group Company Limited
Beijing Infrastructure Investment Co., Ltd.
Beijing State-Owned Assets Manag. Co., Ltd.
Binhai Investment Company Limited
BlueFocus Communication Group Co., Ltd
Bright Food (Group) Co., Ltd.
CAR Inc.
Changchun Urban Dev. Invs. Hldgs (Grp) Co Ltd
China Baowu Steel Group Corporation Limited
China Communications Construction Co. Ltd.
China Energy Engineering Corporation Limited
China General Nuclear Power Corporation
China Grand Automotive Services Co., Ltd.
China Huiyuan Juice Group Limited
China Jianyin Investment Limited
China Jinjiang Environment Holding Co. Ltd.
China Lesso Group Holdings Limited
China Longyuan Power Group Corporation Ltd.
China Mengniu Dairy Company Limited
China Merchants Port Holdings Company Limited
China Metallurgical Group Corporation
China Minmetals Corporation
China Mobile Limited
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 Oilfield Services Limited
China Petrochemical Corporation
China Petroleum and Chemical Corporation
China Railway Construction Corp Ltd
China Railway Group Limited
China Resources Gas Group Limited
China Resources Power Holdings Co., Ltd
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 Travel Service (Holdings) Hong Kong Ltd
China Water Affairs Group Limited
CITIC Group Corporation
CITIC Limited
CITIC Resources Holdings Limited
CNOOC Finance Corporation Ltd
CNOOC Limited
CNPC Finance (HK) Limited
COFCO (Hong Kong) Limited
CRRC Corporation Limited
CRRC Zhuzhou Locomotive Co., Ltd.
Dongfeng Motor Group Company Limited
Dongling Group Inc. Co.
Dr. Peng Telecom & Media Group Co., Ltd.
ENN Energy Holdings Limited
Fosun International Limited
GCL New Energy Holdings Limited
Geely Automobile Holdings Limited
Golden Eagle Retail Group Ltd
Guangdong Hengjian Investment Holding Co Ltd
Guangxi Communications Investment Gr Corp Ltd
Guangzhou City Constr. Invs. Grp. Co., Ltd
Guangzhou Communications Investment Group
Guangzhou Metro Group Co., Ltd.
Guirenniao Co., Ltd.
Hangzhou Hikvision Digital Tech. Co., Ltd.
HC International, Inc.
Health and Happiness (H&H) Int'l. Hldgs. Ltd.
Hilong Holding Limited
Honghua Group Limited
Huachen Energy Co., Ltd.
Hubei Science & Technology Investment Group
Hunan Xiangjiang New Area Develop. Grp.
JD.com, Inc.
Jiangsu Nantong Sanjian Const. Grp. Co., Ltd.
Jiaxing City Invs and Dev Group Co., Ltd.
Kangde Xin Composite Material Group Co., Ltd.
Kunlun Energy Company Limited
Maoye International Holdings Ltd.
Metallurgical Corporation of China Ltd.
Midea Group Co., Ltd.
Nanjing Yangzi State-Owned Assets Invt. Grp
Nexteer Automotive Group Limited
Pactera Technology International Ltd.
Panda Green Energy Group Limited
Parkson Retail Group Limited
Power Construction Corporation of China
Reward Science and Tech. Industry Grp. Co Ltd
Semiconductor Manufacturing Int'l Corp.
Shandong Hi-speed Group Co., Ltd
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
Shanghai International Port (Group) Co., Ltd
Shenzhen Expressway Company Limited
Shenzhen International Holdings Limited
Si Chuan Province JuYang Group Limited
Sinochem Hong Kong (Group) Company Limited
Sinochem International Corporation
Sinopec Century Bright Capital Investment Ltd
SINOPEC Engineering (Group) Co., Ltd.
State Development & Investment Corporation
State Grid Corporation of China
State Grid International Development Limited
State Power Investment Corporation Limited
Sunny Optical Technology (Group) Co. Ltd.
Tencent Holdings Limited
Tianjin Binhai New Area Cons & Invt Group Co.
Tianjin Free Trade Zone Invs Hldg Grp Co Ltd
Tianjin Rail Transit Group Co., Ltd.
Tianqi Lithium Corporation
Tingyi (Cayman Islands) Holding Corp.
Towngas China Company Limited
Vipshop Holdings Limited
Wanhua Chemical Group Co., Ltd.
Want Want China Holdings Limited
West China Cement Limited
WH Group Limited
Wuhan Metro Group Co., Ltd.
Xinjiang Goldwind Science & Technology Co Ltd
Xinjiang Guanghui Industry Inv. Gr. Co., Ltd
Yanfeng Global Automotive Interior Systems
Yanzhou Coal Mining Company Limited
Yestar Healthcare Holdings Company Limited
Yihua Enterprise (Group) Co., Ltd.
Yinchuan Tonglian Cap. Inv. Opn. Co., Ltd.
Yingde Gases Group Company Limited
Yiwu State-owned Capital Operation Co., Ltd.
Yuexiu Transport Infrastructure Limited
Zhejiang Hengyi Group Co., Ltd
Zhejiang Provincial Energy Group Co. Ltd
Zhuzhou City Construction Dev. Group Co Ltd
Announcement:

Moody's: Impact of US trade dispute with China is manageable for rated Chinese companies

 The document has been translated in other languages

23 Mar 2018

Hong Kong, March 23, 2018 -- Moody's Investors Service says that the US plan to impose tariffs on Chinese imports and China's planned reciprocal tariffs would have a limited effect on Moody's-rated Chinese companies.

On 22 March 2018, US President Donald Trump announced plans that would impose tariffs on up to $60 billion in annual Chinese imports. This announcement is the most significant of a series of trade measures undertaken by the US Administration so far.

In response to the measure, the Chinese Ministry of Commerce announced plans for reciprocal tariffs on $3 billion of certain imports from the US.

Based on Moody's initial assessment, the impact on Moody's-rated Chinese companies would be manageable, because most of these companies rely heavily on domestic markets, and for companies exporting to the US, such exports generally account for only small portions of their total sales.

Moody's also says that the planned Chinese tariffs on imports from the US will unlikely disrupt the supply chains of Chinese companies.

The planned US tariffs specifically target high tech sectors in China, including aerospace, information communication technology and machinery. Accordingly, the immediate impact could be material only to the manufacturers and suppliers in these sectors, with sizeable exports to the US market.

However, the negative impact could be greater, if both the US and China significantly expand tariffs and adopt other material and broad-ranging protectionist measures. In addition, there could be indirect, second-round effects, through supply chains and the respective domestic economies, which would result in a deeper impact.

The US measures follow a 301 investigation led by the US Trade Representative into China's alleged unfair trade practices with the US. The US Trade Representative will publish a list of targeted products in 15 days, with a 30-day period for public comment.

Moody's will make a more detailed assessment on the credit implications for Moody's-rated Chinese companies affected by US tariffs, once the extent of tariffs and the type of products are disclosed.

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.

Chris Park
Associate Managing Director
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.