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PLEASE READ AND SCROLL DOWN!

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I AGREE
Rating Action:

Moody's assigns first-time Baa1/P-2 ratings to CMB International; outlook stable

 The document has been translated in other languages

03 Jul 2018

Hong Kong, July 03, 2018 -- Moody's Investors Service has assigned a Baa1 long-term issuer rating and a Prime-2 short-term issuer rating to CMB International Capital Corporation Limited (CMB International).

The outlook is stable.

Moody's has also assigned a Baa1 senior unsecured rating to the proposed bond to be issued by Legend Fortune Limited and guaranteed by CMB International.

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

RATINGS RATIONALE

CMB International's Baa1 long-term issuer rating reflects its standalone assessment of Ba1 and a three-notch uplift based on Moody's assumption of a very high level of support from its parent, China Merchants Bank Co., Ltd. (CMB, A3 stable, baa3 baseline credit assessment), and a high level of indirect support from the Chinese government (A1 stable) via its parent in times of stress.

The Ba1 standalone assessment reflects CMB International's: (1) niche franchise in providing offshore financial services to Chinese corporates and individuals, many of which are also clients of its parent bank; (2) strong profitability and high proportion of revenue generated from fee income that is less volatile than other sources of income; and (3) low leverage when compared with other rated securities firms.

Offsetting these credit strengths are the risks arising from its rapid asset growth, short operating track record, and expansion in the structured finance business.

Leveraging on CMB's strong client base and network, CMB International has established its foothold in the offshore capital market. In 2017, the firm took a leading position in terms of total underwriting amount in the Hong Kong's IPO market. Its asset management business and wealth management business have also been growing rapidly.

CMB International generates large amounts of fee incomes from corporate finance, asset management and wealth management services. Consequently, its return on average assets is materially higher than that of other rated Chinese and Hong Kong securities firms which rely more on lending or investment income.

Meanwhile, the firm has a relatively short track record operating as a full service securities firm since its restructuring in 2015, with rapid asset growth. Its total assets grew 96% in 2016 and 42% in 2017. In addition, the firm's expansion in the structured finance business challenges its risk control capabilities, and has weakened its liquidity and funding profiles.

The very high level of affiliate support is based on CMB International's strategic alliance and close integration with its parent bank. As a fully owned subsidiary of CMB, CMB International serves as CMB's sole offshore integrated financial services platform. It collaborates with CMB's commercial banking business and offers diversified offshore services to CMB's clients.

In the past few years, CMB has provided strong support to CMB International, such as through capital injections, funding facilities and client referrals. It also closely monitors the strategy, operation and risk control of CMB International. A failure by CMB to support CMB International, in times of need, would raise significant business, operational and reputational risks for CMB.

Moody's also assesses a high likelihood of indirect support from the Chinese government for CMB International through its parent bank, if needed, given CMB's systemic importance and CMB International's importance to its parent bank.

What Could Change the Rating -- Up

CMB International's ratings could be upgraded if CMB's rating is upgraded, or if there is more explicit support commitment from CMB or the Chinese government.

CMB International's standalone assessment could be upgraded if the firm (1) improves its funding and liquidity profile; (2) ensures smooth operations and effective risk control; and (3) maintains good profitability despite intensifying competition and market fluctuations.

What Could Change the Rating - Down

CMB International's ratings could be downgraded if Moody's assesses that the willingness and ability of CMB and the Chinese government to support the firm have weakened.

CMB International's ratings could also be downgraded if (1) its liquidity and funding profile weaken materially, which could be a result of engaging in riskier and more volatile businesses; (2) it encounters significant risk management failures; (3) its profitability deteriorates significantly; or (4) it becomes subject to regulatory sanctions that impair its franchise and management stability.

Proposed bond issuance -- Legend Fortune Limited

The Baa1 long-term senior unsecured rating for the proposed bond to be issued by Legend Fortune Limited, a wholly owned subsidiary of CMB International, is in line with the latter's Baa1 issuer rating and reflect the unconditional and irrevocable guarantee provided by CMB International.

The obligations under the guarantee constitute direct, general, unconditional, unsubordinated and unsecured obligations of CMB International and will at all times rank pari passu with all other present and future unsecured and unsubordinated obligations of CMB International.

What Could Change the Rating -- Up/Down

The proposed bond issuance will be unconditionally and irrevocably guaranteed by CMB International. Consequently, the factors that can cause CMB International's ratings to be upgraded or downgraded will also drive the bond rating.

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.

CMB International Capital Corporation Limited is headquartered in Hong Kong. It reported total assets of HKD14.7 billion as of the end of 2017.

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.

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.

David Yin
Vice President - Senior 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
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.
© 2021 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 and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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