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Announcement:

Moody's releases first "China Compendium" for China-Based Rated Issuers

 The document has been translated in other languages

11 Feb 2014

Hong Kong, February 11, 2014 -- Moody's Investors Service has released its first compendium of China-based rated issuers, a publication that enables investors to compare more easily the key financial metrics and credit profile summaries of such issuers.

"Moody's China Compendium provides a single, aggregated reference source of our major publicly rated issuers along with, in most cases, their key financial data and ratios, as well as explanatory summaries for our ratings," says Laura Acres, a Moody's Senior Vice President.

The compendium comprises four sections: Core Research; Sovereign Ratings; Corporate and Project & Infrastructure Ratings; and Financial Institutions Ratings.

The first edition covers 139 issuers: 116 for Corporate and Project & Infrastructure; 22 for Financial Institutions; and China's sovereign rating. These represent the key China-based issuers that Moody's rates publicly.

"We are confident that this one-stop shop will contribute towards investor understanding of China-based issuers," says Jenny Shi, Moody's Managing Director and China Country Manager.

Financial data shown on an issuer-by-issuer basis is, as per the latest available financial and statistical data for the most recent 12-month period, on a Moody's-adjusted basis, unless it is mentioned otherwise in the statistical tables.

With regard to geographical coverage for each company, Moody's has included those issuers that have China as their country of principal operation, or centre of management decision-making, rather than country of domicile or listing.

Similarly, where a company has a mixed business model, Moody's has taken the principal operating business as the major industry identifier.

Within the Corporate and Project & Infrastructure segment, the 116 rated issuers span 24 major industries.

"While there is a high degree of breadth to the industries where there is rated coverage, the portfolio shows true depth in only a handful of industries, principally property, oil and gas, and utilities," says Acres.

"Together, these three industries account for 67, or 58% of all ratings. If we looked solely at the number of companies that issue foreign-currency or cross-border bonds, then the degree of concentration would be dramatically higher," says Acres.

About 46% of the rated Corporate and Project & Infrastructure China portfolio is investment grade with 6.9% being rated Aa3, in line with the sovereign rating.

Speculative grade issuers consist of around 54% of the publicly rated portfolio and are dominated by property developers, which have fuelled the surge in the high-yield bond markets over the past 18 months.

Of the major Financial Institutions that we rate in China, 91% are investment grade, with 69% being rated either 'A' or 'Aa'.

The China Compendium follows the release of Moody's Asia High-Yield Compendium, a semi-annual publication that provides an analysis of Asian high-yield issuers by industry, rating, and country.

Subscribers can access the China Compendium at https://www.moodys.com/research/Chinese-Compendium-February-2014--PBC_162728

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Laura Acres
Senior Vice President
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
SUBSCRIBERS: (852) 3551-3077

Jenny Shi
MD - Country Manager China
Telephone:+86-10 6319 6500

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
SUBSCRIBERS: (852) 3551-3077

Moody's releases first "China Compendium" for China-Based Rated Issuers
No Related Data.
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