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Rating Action:

Moody's assigns first-time A2/P-1 ratings to ABC International; outlook stable

 The document has been translated in other languages

11 Nov 2019

Hong Kong, November 11, 2019 -- Moody's Investors Service ("Moody's") has assigned an A2 long-term issuer rating and Prime-1 short-term issuer rating to ABC International Holdings Limited (ABCI).

The outlook is stable.

This is the first time that Moody's has assigned ratings to ABCI.

RATINGS RATIONALE

ABCI's A2 long-term issuer rating reflects its standalone assessment of Ba2 and a three-notch uplift based on Moody's assumption of a very high level of affiliate support from its parent, Agricultural Bank of China Limited (ABC, A1 stable, baa2 baseline credit assessment), and a three-notch uplift based on Moody's assumption of a very high level of indirect support from the Government of China (A1 stable) via the parent bank in times of stress.

The Ba2 standalone assessment reflects: (1) ABCI's low leverage when compared with other rated securities firms globally; (2) a track record of good profitability; and (3) various forms of support ABCI receives from the parent bank including but not limited to client referrals and funding facilities.

Offsetting these credit strengths are: (1) a sizable investment portfolio concentrated in illiquid assets which also constrains ABCI's liquidity level; (2) the risks arising from ABCI's rapid asset growth; and (3) earnings volatility driven by the company's revenue reliance on the proprietary investment and loans business.

ABCI has high exposure to illiquid and risky investments and loans. The related investment and credit risks challenge the company's liquidity level and also result in elevated pre-tax earnings volatility driven by movements in market values.

ABCI's assets grew rapidly at 42.1% CAGR between 2014 and 2018 partly due to the company's strategy to develop its proprietary investment activities. The rapid growth has led to increased balance sheet leverage, and its risk management has not yet been tested through a full economic cycle. That said, the leverage ratio at 6.3x as of year-end 2018 remains low compared to other rated securities firms on a global scale.

The very high level of affiliate support is based on ABCI's strategic importance to and linkages with the 100% shareholder, ABC. ABCI is an offshore investment and financial services platform for the parent bank ABC. Since establishing ABCI in 2009, ABC has provided a considerable level of support in various forms, including business referrals, oversight on risk management, capital injections and funding support such as short-term loan facilities to ABCI from various ABC branches and subsidiaries. Through its Hong Kong branch, ABC has also provided guarantees for ABCI's debt programs including the USD medium-term notes program. Moody's believes these support is a key driver of ABCI's business expansion and development in the investment and financial services market both in Hong Kong and mainland China.

ABC also directly monitors the liquidity and investment risks of ABCI. A failure by ABC to support ABCI, in times of need, would raise significant business, operational and reputational risks for ABC.

Moody's also assesses a very high level of indirect support from the Chinese government for ABCI through its parent ABC, if needed, given the Chinese government's majority ownership in the parent, the parent's systemic importance, and ABCI's importance to the parent's business strategy especially given that ABCI is the only overseas platform for ABC.

What Could Change the Rating -- Up

Because the issuer rating already incorporates six notches of support and the parent ABC's long-term deposit rating is already at A1, an upgrade would require more explicit support from the parent or the Chinese government, while ABCI maintains its standalone credit profile.

Moody's would consider upgrading ABCI's standalone assessment if the company: (1) diversifies its income and business mix away from heavy reliance on investment and loans business and stabilizes profitability; (2) slows down its asset growth; and (3) reduces its investment and credit risks and increases liquidity in its investment portfolio.

What Could Change the Rating -- Down

ABCI's ratings could be downgraded if Moody's assesses that the willingness and ability of the parent ABC and the Chinese government to support ABCI have weakened.

ABCI's ratings could also be downgraded in case of: (1) a material deterioration in ABCI's profitability as a result of any investment loss; (2) any significant risk management failure; or (3) increased reliance on short-term funding that leads to a deterioration in the liquidity and funding profile.

The principal methodology used in these ratings was Securities Industry Market Makers published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Headquartered in Hong Kong, ABC International Holdings Limited reported assets of HKD43.3 billion at year-end 2018.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 entity is participating and the rated entity or its agent(s) generally provides 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.

Lan Wang, CFA
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
Client Service: 852 3551 3077

Yat Man Sally Yim, CFA
Associate Managing Director
Financial Institutions 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.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

​

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