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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
"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
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,"
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
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
Subscribers can access the China Compendium at https://www.moodys.com/research/Chinese-Compendium-February-2014--PBC_162728
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Senior Vice President
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
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MD - Country Manager China
Telephone:+86-10 6319 6500
Moody's releases first "China Compendium" for China-Based Rated Issuers
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
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