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Rating Action:

Moody's affirms SDIC's A2 ratings, outlook stable

 The document has been translated in other languages

22 Oct 2018

Hong Kong, October 22, 2018 -- Moody's Investors Service has affirmed State Development & Investment Corp., Ltd.'s (SDIC) A2 issuer rating and the A2 senior unsecured rating of the USD notes issued by Rongshi International Finance Limited and guaranteed by SDIC.

The ratings outlook is stable.

RATINGS RATIONALE

SDIC's A2 issuer rating is primarily driven by (1) the company's standalone credit profile, as illustrated by its baa3 Baseline Credit Assessment (BCA); and (2) our assessment of a "Very high" likelihood of support from and "Very high" level of dependence on its owner, the Government of China (A1 stable), which provides a four-notch uplift to the company's final rating.

The very high likelihood of support reflects (1) SDIC's 100% ownership by the government; (2) SDIC's status as a national policy investment company and its close link with the central government; (3) the high importance of the company's core investments, such as its hydropower, ports, potash and financial guarantee businesses, to the national economy; (4) the company's role as a pilot for the Chinese government to implement state-owned enterprise (SOE) reform; and (5) the large portfolio of investment funds managed by the company for central and local government agencies.

SDIC's baa3 BCA is underpinned by the company's diversified business portfolio, the strong market positions of its key business segments (such as the power generation, ports, financial services and natural resources sectors), good track record of active asset recycling and strong access to liquidity.

However, the company's BCA is constrained by its modest financial profile, large investment and capital spending plan, and the execution risks related to development in new areas.

Moody's expects SDIC's market value leverage (MVL) and (funds from operations [FFO] + interest)/Interest coverage at the holding company level will weaken to around 50%-55% and 1.1x in next 12-18 months from around 47% and 1.2x at the end of 2017 because of higher net debt and the decline of the market value of its key listed investees due to market price fluctuation.

Despite the weakened credit metrics, SDIC's A2 rating is supported by its high strategic importance to Chinese government and its sound access to the credit and capital markets due to its central SOE status.

The likely decline of the market value of its key listed investees, namely SDIC Power Holdings Co., Ltd. (SDIC Power) and SDIC Capital Co., Ltd. (SDIC Capital), will increase its MVL. However, Moody's views that the higher MVL -- a result of temporary stock market volatility, instead of a deterioration in the credit quality of its underlying investees -- will not have an immediate impact on its rating.

Moody's assesses the credit quality of SDIC Power and SDIC Capital, which accounted for approximately 37% of SDIC's portfolio value and the majority of SDIC's consolidated revenue and assets at the end of 2017, did not materially weaken in 2017.

Moody's expects SDIC Power's performance in 2018 will improve as the result of higher on-grid tariffs and power generation output. Although SDIC Capital's revenue and earnings will likely decline due to a sluggish domestic equity market, its credit quality is supported by the strengthening of regulatory supervision and its equity placement of around RMB8 billion in 2017.

At the same time, the performance of SDIC's other businesses, including transportation, mining and manufacturing, improved in 2017.

The stable outlook on SDIC's ratings reflects Moody's expectations that over the next 12-18 months (1) the company's importance to the economy and the Chinese government's ability to provide support will remain intact, and (2) the very high likelihood of support from the Chinese government will provide an additional cushion for SDIC's A2 rating in case its BCA is lowered by one notch.

SDIC's ratings could be upgraded if: (1) the Chinese government's ability to provide support strengthens, which would be illustrated by an upgrade of China's sovereign rating, and/or (2) there is a material improvement in SDIC's BCA; credit metrics that would indicate such a material improvement include MVL lower than 20%-25% and (FFO+ interest)/interest coverage higher than 3x-4x.

SDIC's ratings could be downgraded if: (1) the Chinese government's ability to provide support weakens, which would be illustrated by a downgrade of China's sovereign rating, or if SDIC's strategic importance to the Chinese government declines significantly; (2) SDIC's standalone credit quality severely deteriorates, for example, as a result of highly aggressive debt-funded investments, or a significant increase in credit contagion risk from its investees

Financial metrics that Moody's would consider for a rating downgrade include (1) a holding company-level MVL higher than 60%, and/or (2) (FFO+interest)/interest coverage lower than 1.0x for a prolonged period.

The methodologies used in these ratings were Investment Holding Companies and Conglomerates published in July 2018, and Government-Related Issuers published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Established on 5 May 1995, the State Development & Investment Corp., Ltd. is a state-owned investment holding company, wholly owned by China's State Council. Over the past two decades, it has developed a large investment portfolio, with a value of around RMB128 billion at the end of 2017.

Its core investments are in the power generation, ports and railway, financial services and advanced manufacturing sectors.

The local market analyst for this rating is Kai Hu, +86 (21) 2057-4012.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entities are participating and the rated entities or their agent(s) generally provide Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Chenyi Lu
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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​

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