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Rating Action:

Moody's assigns first-time Baa3 rating to Yinchuan Tonglian

 The document has been translated in other languages

11 Jul 2017

Hong Kong, July 11, 2017 -- Moody's Investors Service has assigned a first-time Baa3 issuer rating to Yinchuan Tonglian Capital Investment Operation Co. Ltd. (Tonglian).

At the same time, Moody's has also assigned a Baa3 senior unsecured rating to the proposed USD bond to be issued by Tonglian.

The proceeds will be used for general corporate purposes, including the construction of Binhe New District Industrial Park in Yinchuan.

The rating outlook is stable.

RATINGS RATIONALE

Tonglian's Baa3 issuer rating incorporates its baseline credit assessment (BCA) of b1 and a four-notch uplift from our expectation of high support from the Yinchuan Municipal Government (Yinchuan government) in times of stress.

"The high government support reflects Tonglian's strategic importance to the Yinchuan government, given its status as this government's largest state-owned company and its indispensable role in undertaking a large amount of infrastructure projects and public sector services essential to the daily lives of residents and economic development in Yinchuan," says Chenyi Lu, a Moody's Vice President and International Market Analyst for Tonglian.

Tonglian has a close relation with the Yinchuan government, as reflected by the following: 1) the company more than doubled its asset base to RMB42 billion between 2013 and 2016 due to asset injections by the Yinchuan government; 2) its board members are all appointed by the Yinchuan government; 3) it continues to receive large amounts of government subsidies; and 4) most of its debt has been raised for government-related projects and is supported by the annual budgets of the Yinchuan government.

We expect this close relationship to continue in the next 2-3 years.

We consider Yinchuan's ability to provide support to Tonglian as strong. As the capital city of the Ningxia Hui Autonomous Region (Ningxia), Yinchuan accounted for about half of Ningxia's GDP in 2016 and has received large transfers of payments from the central government via the Ningxia government.

The favorable character of national policy towards the development and stabilization of the northwestern part of China, including Ningxia with its substantial Muslim population, will support Yinchuan's economy and indirectly enhance Tonglian's debt-servicing capacity.

Tonglian's b1 BCA reflects its large business portfolio, including municipal infrastructure projects, public transportation, affordable housing development, water supply, book stores and cultural assets. Its BCA also reflects the limited level of counterparty risk against the Yinchuan government, towards which Tonglian's revenues and profits are mainly exposed.

Nevertheless, Tonglian's BCA is constrained by its small scale of revenues and cash flows. The company's revenues of RMB2.2 billion in 2016, which mainly comprised government repurchases of its infrastructure projects, are small when compared with other similarly rated companies. Cash inflows from these projects will spread across many years in the future.

Tonglian also has high leverage. We expect that its debt/EBITDA ratio will be high at about 15.0x in the next 1-2 years, versus 11.7x in 2016, as it continues to incur debt for its infrastructure projects.

In addition, Tonglian's short history, evolving corporate structure and undertaking of more commercial projects, such as the textile production facilities in the Binhe New District, also expose it to rising operating risks, increase its debt financing needs, gradually reduce its dependence on the government, and raise overall corporate credit risk.

Tonglian has a modest liquidity profile. Its cash balance of RMB3 billion was insufficient to cover the RMB3.9 billion in short-term debt at end-2016. However, the company has good access to domestic funding channels, including bank loans and the public bond market, given its strong linkage with the Yinchuan government.

The rating outlook is stable, reflecting (1) the consideration that the company's standalone credit profile will remain appropriate at its current level over the next 12-18 months; and (2) the expectation of continued support from the Yinchuan government.

Upward rating pressure is limited, given the company's high financial leverage and the ongoing evolution of policies surrounding the debt of local government-owned entities.

However, the rating would be considered for an upgrade if there is (1) a material improvement in its business and financial profile; or (2) an improvement in the transparency of the policy framework for the funding of the repayment of its debt.

The rating would be considered for downgrade, if (1) there are signs of weakening government support, or if the Yinchuan government's own credit profile weakens significantly, or if the Yinchuan government ceases to own a controlling stake in Tonglian; (2) it expands aggressively in the area of commercial operations, which would weaken its strategic importance to the Yinchuan government; (3) its financial profile weakens materially; or (4) the policy framework for local government financing evolves in a manner that increases the risk that its debt will not be supported by the Yinchuan government.

The methodologies used in these ratings were Construction Industry published in March 2017, and Government-Related Issuers published in October 2014. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Yinchuan Tonglian Capital Investment Operation Co. Ltd. is 100% owned by the Yinchuan Municipal Government. It engages in the construction of municipal infrastructure projects, public transportation, water supply, and the retailing of books, etc. in Yinchuan, the capital city of the Ningxia Hui Autonomous Region. Its revenues totaled RMB2.2 billion in 2016.

The Local Market analyst for this rating is Cindy Yang, +86 (10) 6319 6570.

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.

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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