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November 29, 2016 / 1:51 AM / a year ago


(The following statement was released by the rating agency) HONG KONG, November 28 (Fitch) 本文章英文原文最初於2016年11月11日發布于:<a href="">Fitch Rates Jiangsu HanRui's Proposed USD Notes 'BB+(EXP)' 惠譽評級已授予江蘇韓瑞投資控股有限公司(瀚瑞)擬發行的高級無抵押么遠票據‘BB+(EXP)’的預期評級。 該境外票據將由Hanrui Overseas Investment Co., Ltd發行,並由瀚瑞的全資子公司Hanrui International Investment Company Limited(HII)提供無條件且不可撤銷的擔保。該票據將構成HII的高級無抵押債務,並與HII的其他所有高級無抵押債務具有同等位次。票據凈收益將用於一般公司 用途。 瀚瑞沒有提供擔保,而是提供維好協議、及流動性支持、投資和股權購買承諾,以確保HII擁有充足的資產和流動性滿足對擬發行美元票據的擔保下的債務。 鑒於該票據的評級與瀚瑞的發行人違約評級一致,以及維好協議、流動性支持、股權購買承諾將債務償還的最終責任轉移至瀚瑞,該票據的評級與瀚瑞的發行人違約評級一致。 惠譽認為,維好協議、及流動性支持、股權購買承諾體現了瀚瑞為確保HII擁有充足的資金償還其債務的強烈意願。 關鍵評級驅動因素 評級與鎮江市相關聯:瀚瑞的評級與惠譽對鎮江市信用狀況的內部評估相關聯但不等同。這種關聯性反映在鎮江市政府對瀚瑞的緊密監督、公司的多年期籌資在市政府預算中的整合、 以及瀚瑞的公益性建築項目及保障性住房建設對市政府的戰略重要性中。惠譽根據其標準將瀚瑞分類為具有信用關聯的政府相關企業。 鎮江市的信譽度:2014年,鎮江市的人均地區生產總值在江蘇省的13個城市中排名第五。鎮江市的預算表現良好,社會經濟狀況多元化。然而,該市的優勢被政府相關企業較高 的或有債務水平削弱。 法律地位水平為中等:按照中國公司法,瀚瑞註冊為國有獨資有限責任公司,由鎮江市國有資產監督與管理委員會(鎮江國資委)直接監督。鎮江新區管理委員會代表鎮江國資委監督 瀚瑞的日常經營事務。政府沒有對瀚瑞稀釋持股比例的計劃。 對鎮江市政府的戰略重要性:鎮江新區為鎮江市的國家級經濟開發區,瀚瑞是鎮江新區內唯一一家政府相關企業。瀚瑞通過建設基礎設施和保障性住房負責鎮江新區內的城市開發和社 會福利。瀚瑞也是唯一一家通過吸引國際企業在鎮江新區落戶而促進該區經濟發展的政府相關企業。 政府的財政支持:作為鎮江市關鍵的政府相關企業,瀚瑞已受到市政府通過注資、基礎設施建設費用補貼及付款、以及土地開發成本的利息費用及補貼。市政府為公司提供服務,以部 分資助瀚瑞的資本開支和債務償還。因此,惠譽認為瀚瑞在市政府預算中的整合水平較高。 緊密的管控與監督:瀚瑞由鎮江國資委直接管控。公司的融資計劃和債務由政府密切監督,並且公司需要定期上報預算表現。瀚瑞的董事會成員(除員工代表之外)由政府委任。惠譽 認為公司的管控水平較高。 評級敏感性 鎮江市政府更強有力的明確支持可能觸發對瀚瑞的正面評級行動。如果瀚瑞對鎮江市的戰略重要性顯著變化、市政府的持股稀釋、或市政府的明確或隱性支持減少,均有可能瀚瑞的評 級與鎮江市政府評級相差的幅度擴大。 如果惠譽上調對整件事的內部信用評價,則有可能觸發對瀚瑞的正面評級行動。如果市政府的財政表現弱化、或負債水平上升,則有可能導致惠譽調低對鎮江市信譽度的內部評估,並 可能因此觸發對瀚瑞的負面評級行動。 聯繫人: 首席分析師 劉奕雯 (Lorraine Liu) 分析師 +852 2263 9929 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 高俊杰 (Terry Gao) 董事 +852 2263 9972 評級委員會主席 Guido Bach 高級董事 +49 69 768076 111 相關評級委員會日期:2016年11月7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 International Local and Regional Governments Rating Criteria - Outside the United States (pub. 18 Apr 2016) here Rating of Public-Sector Entities – Outside the United States (pub. 22 Feb 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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