September 19, 2017 / 4:42 AM / in 10 months


(The following statement was released by the rating agency) HONG KONG/SHANGHAI, September 19 (Fitch) 本文章英文原文最初於2017年9月11發布于:<a href="">Fitch Rates ABC International SPV's USD Notes 'A(EXP)' 惠譽評級已授予擬在Inventive Global Investment Limited的中期票據計劃(中票計劃)下發行的高級無抵押美元票據‘A(EXP)’的預期評級。 Inventive Global是農銀國際控股有限公司(農銀國際)的全資境外特殊目的機構,農銀國際是中國農業銀行股份有限公司(農行;A/穩定)的全資子公司。惠譽認為農銀國際作為農行 的關鍵子公司,是農行的投行業務平台,並與農行的商業銀行業務相輔相成。 上述票據將由農行的香港分行提供無條件且不可撤銷的擔保。惠譽認為農行香港分行作為農行同一法律實體的一部分,對於農行海外業務的發展具有重要作用。 擬發行票據將以美元計價,所得收益將用於農銀國際或其任何子公司和關聯公司的一般公司用途。發行金額和期限結構將在結算時最終確定。最終評級將取決於惠譽收到的最終文件與 已收到文件的一致程度。 惠譽最初於2016年12月9日授予Inventive Global的中票計劃 ‘A’的評級,並於2017年5月23日確認了該評級。 關鍵評級驅動因素 按照農行香港分行提供的擔保協議,上述票據將構成農行的直接、一般性、無條件和無抵押的債務,並與農行香港分行的其他現有和未來的無條件、非次級和無抵押的債務具有同等位 次。‘A(EXP)’的預期評級反映出惠譽預計將會授予該票據的評級,且與農行的長期發行人違約評級一致。農行的發行人違約評級是基於在有需要時,中國政府(A+/穩定) 有極大可能會為其提供支持。 評級敏感性 農行的發行人違約評級將反應中國政府全力且及時地為農行提供支持的意願或能力的任何變化,而上述擬發行票據評級的任何變化將於農行發行人違約評級的變化直接相關。如果農行 香港分行提供的擔保協議失效,則上述票據的評級可能被下調。 聯繫人: 首席分析師 Grace Wu(胡月明) 高級董事 +852 2263 9919 惠譽國際評級有限公司 香港中環德輔道中68號 萬宜大廈19樓 第二分析師 Jaclyn Wang(王瑾) 聯席董事 +86 21 5097 3189 評級委員會主席 Tim Roche 高級董事 +61 2 8256 0310 相關評級委員會日期:2017年5月22日 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 詳情參見<a href=""> 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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