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Local Government Bond Announcement: 2020 Shenzhen (Futian District) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Nine Phases)-Credit Rating Report

Time: January 9, 2020 14:16:01 China Finance
Original title: Local Government Bond Announcement: 2020 Shenzhen (Futian District) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Phase 9)-Credit Rating Report


2020
Shenzhen
(
Futian district
)
Special bonds for public hospitals


(
Phase I
)



2020
Shenzhen Municipal Government Special Bonds


(
Ninth
)
Credit Rating Report





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477.913 billion yuan and
473.126 billion yuan, with a large overall scale and strong financial strength. Shenzhen's comprehensive financial resources are concentrated at the municipal level.
The general public budget revenue is the main component of the city's comprehensive financial resources. The scale is large. The revenue of government funds is mainly the revenue from the transfer of state-owned land use rights.
It is an important supplement to the city's comprehensive financial resources.

Shenzhen's debt scale remains low and the debt burden is light.

At the end of 2018, the government debt balance of Shenzhen Municipality was
14.627 billion yuan, mainly for general debts with repayment obligations. Most of Shenzhen's government debts with repayment responsibilities are used for the construction of public welfare projects. The term structure of debt repayment is reasonable, and there is little pressure for centralized repayment.
The government debt ratio within the municipal government's limit is much lower than
100% cordon. In addition, Shenzhen's financial institutions have large deposits and strong government deployment capabilities.
The State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government (hereinafter referred to as the "Shenzhen State-owned Assets Supervision and Administration Commission") has a large scale of local state-owned assets, which can provide greater liquidity support for Shenzhen debt repayment.

Shenzhen's financial and debt management system has been continuously improved, and information transparency has been continuously improved.

In recent years, Shenzhen has continuously strengthened its budget management, promoted the reform of its financial system, and continued to improve its debt management and risk prevention mechanisms. At the same time, the Shenzhen government has a relatively high level of information transparency and good local government management.

The possibility of receiving special external support is very high.

As a strategic hub city, Shenzhen plays an important role in many national strategies.
Therefore, CSI Pengyuan believes that when the Shenzhen government faces a debt liquidity crisis, it is very likely that it will receive support from the central government or other local governments. Such support includes liquidity support, debt assistance funds or any promotion of negotiations with creditors, or Actions to help obtain temporary financing, etc.









Main indicators (Unit: 100 million yuan):


project


2018 year


2017 year


2016 year


Regional GDP


24,221.98


22,490.06


20,079.70


GDP per capita (yuan)


189,568


183,544


172,453


Regional GDP growth


7.6%


8.8%


9.1%


Comprehensive financial resources of the city


-


7,164.03


7,402.13


Of which: City level comprehensive financial resources


4,713.26


4,779.13


5,006.23


General public budget revenue of the city


3,538.44


3,332.13


3,136.49


Of which: City-level general public budget revenue


2,190.13


2,086.76


1,995.95


Municipal government fund income


964.64


1,029.95


966.40


Of which: Revenue of Municipal Government Funds


962.53


1,026.50


956.02


Balance of government debts of the city


145.92


117.24


127.95


Of which: the balance of government debts at the municipal level that are liable for repayment


93.92


103.53


97.08


City government contingent debt balance


0.35


1.54


1.83


Of which: Contingent debt balance of municipal government


0.35


1.54


1.83




Note: "
-"Means data is not available.



source:
The economic data comes from the Shenzhen Statistical Yearbook 2018, and the Shenzhen National Economic and Social Development Statistical Report 2018.


Newspaper ", financial data from" About Shenzhen
Report on Draft Final Accounts for 2016-2018 ", organized by CSI Pengyuan



I. Overview of the Bonds

(I) Bond terms

Bond name:
2020 Shenzhen (Futian District) Public Hospital Special Bond (Phase I)

2020 Shenzhen Government Special Bonds (9th issue)
;


Issue scale:
RMB
305 million yuan;


Bond maturity:
15 years;


Repayment of principal and interest: interest is paid every six months;
Principal repayment,
The repayment plan is as follows.



Table 1 Instalment repayment plan of the bond principal plan of this period


project

2020

2021

2022

2023

2024

2025

2026

2027

Repayment of principal

0

0

1,000

800

600

600

600

2,600

project

2028

2029

2030

2031

2032

2033

2034

2035

Repayment of principal

2,850

2,900

2,950

3,000

3,250

3,300

3,300

2,750



Source: Implementation plan, organized by CSI Pengyuan


(2) Use of raised funds

The funds raised in this bond are intended to be used for public hospital projects in Futian District.
The equipment purchase projects of five hospitals including Sun Yat-sen University's Affiliated Hospital, Guangzhou Hospital of Traditional Chinese Medicine, Shenzhen Hospital, Futian District Second People's Hospital, Futian Maternal and Child Health Hospital and Futian District Chronic Disease Prevention and Treatment Hospital and / or its social health service centers
11.

The current bond investment project has been
Special bonds issued in 2019
1 Total funds raised
69.78 million yuan, of which the third-phase purchase of supporting medical equipment for the eighth hospital affiliated to Shanshan University (Shenzhen Futian), and the second-phase purchase of supporting medical equipment for the Guangzhou University of Chinese Medicine Shenzhen Hospital (Futian)
About raising special debt funds in 2019
23.1 million yuan,
46.68 million yuan. Funds to be raised in this bond
305 million yuan, the use of raised funds is shown in the following table.

The debt repayment funds of the current period are derived from the outpatient income and inpatient income of the five hospitals. The current bond debt income, arranged expenditures, principal and interest payments, and issuance expenses are included in the government fund budget management.



1
The special bonds issued in 2019 are:
Shenzhen City in 2019 (
Futian district)
Special bonds for public hospitals (
One issue)
—2019 Shenzhen Municipal Government Special Bonds (five issues)
(Bond for short "
19 Shenzhen
06 "),
300 million yuan,
7-year, coupon rate
3.37%.



Table 2 Bond issuance plan for the current period (Unit: 10,000 yuan)


Year of issue


Hospital main body


Issuance quota


Issue period


2020


The Eighth Hospital of Sun Yat-sen University


10,000


15 years


Guangzhou University of Traditional Chinese Medicine Shenzhen Hospital


7,000





Futian District Second People's Hospital


1,000


Fukuda Maternal and Child Health Hospital


9,000


Futian District Chronic Disease Control Hospital


3,500


total


30,500




Source: Implementation plan, organized by CSI Pengyuan


Analysis of fundraising projects

(I) Basic information of the project

According to the implementation,
The current bond investment project includes
11 sub-projects, total investment
947 million yuan, the specific situation of the project is shown in the table below.



Table 3 Basic information of each sub-project of the fundraising project (Unit: 10,000 yuan)


Serial number

project name

Implementation unit

Total investment

Implementation content

1

The medical equipment project for the later construction of the Eighth Hospital Affiliated to Sun Yat-sen University (the first batch)

The Eighth Hospital of Sun Yat-sen University

8,099.19

Purchase pathology, ultrasound, pediatrics,
Obstetrics and Gynecology, Respiratory Medicine, Nursing Department,
Department of Laboratory Medicine, Emergency Medicine, Rehabilitation Medicine, Stomatology, Anesthesiology, Endocrinology, Neurology, Neurosurgery,
Nephrology department, critical medicine department and other departments of high-definition electronic gastrointestinal system, ultra-high-definition laparoscope and choledochoscope equipment, clinical biological samples, reagent library and other medical equipment
198 sets

2

Medical equipment project for the later construction of the Eighth Hospital Affiliated to Sun Yat-sen University (second batch)

6,476.00

Purchase a color Doppler ultrasound system,
310 sets of medical equipment such as ventilator

3

Phase III purchase of supporting medical equipment for CUHK eighth hospital

3,857.00

Purchase of mobile O-arm X-ray machines, surgical navigation systems, arthroscopy systems and surgical instrument traction frames
118 sets

4

Purchase of Golden Dragon Garden 2
Building 1, 2 storey property project

Futian District Government Property Management Center

10,584.00

Shekang Affiliated to the Eighth Hospital of Sun Yat-sen University



Subtotal

-

29,016.19

-

5

Guangzhou Hospital of Traditional Chinese Medicine University Shenzhen Hospital (Futian) Phase II Construction Medical Equipment Purchase Project

Guangzhou University of Traditional Chinese Medicine Shenzhen Hospital

15,196.00

Purchase of first-aid equipment to ensure safety, medical equipment needed for business expansion, and medical equipment that needs to be configured or updated for basic services and key specialty development




6

Medical Equipment Purchase Project of Futian District Affiliated Hospitals (part of 2019)
——Shenzhen Hospital of Guangzhou University of Traditional Chinese Medicine (Futian)

5,058.55

Purchased 49 sets of large-scale digital subtraction angiography machines with high-end 64-row 128-slice spiral CT system and automatic blood analysis system

7

Purchased the second-floor project of Luban Building in 2018

Futian District Government Property Management Center

14,310.00

Shekang is affiliated to Shenzhen Hospital of Guangzhou University of Traditional Chinese Medicine



Subtotal

-

34,564.55

-

8

Medical Equipment Purchase Project of Futian District Affiliated Hospitals (part of 2019)
——The Second People's Hospital of Futian District

Futian District Second People's Hospital

2,372.00

Purchased a total of 30 sets of high-end whole-body application-type four-dimensional color ultrasound, high-definition hysteroscopy system, full-HD hysteroscopic cold knife surgery system, and low-temperature plasma sterilizer



Subtotal

-

2,372.00

-

9

Golden Collar Holiday Apartment Project

Futian District Government Property Management Center

24,600.00

Shekang attached to Fukuda Maternal and Child Health Hospital



Subtotal

-

24,600.00

-

10

Purchase of the first floor of Jianxinyuan podium building

Futian District Government Property Management Center

2,270.00

Shekang is affiliated to Futian District Chronic Disease Prevention and Treatment Hospital

11

Golden Bay Blue Bay First-level Social and Recreation Center Project

1,860.00

Subtotal

-

4,130.00

-

Total investment

-

94,682.74

-



Source: Implementation plan, organized by CSI Pengyuan


(B) analysis of debt service guarantee

According to the implementation plan, the five hospitals in the current bond investment project use outpatient income, hospitalization income, etc. as the source of special bond repayment and interest payments, and the net parking fee income can be used as the source of special bond repayment and supplementary funds This calculation will not be considered for the time being; in addition, special funds such as financial project subsidy income and scientific research income are not included in the source of special debt repayment funds.



The current issue size of bonds is
305 million yuan, term is
15 years.

Reference of interest rate of this bond
2019 year
December
twenty one
Five days before
15-year Treasury yields average and float up
25 basic points, press
3.75% is expected.

According to the implementation,
The bond capital coverage of the five hospital projects is
1.15 to
2.32, bond principal and interest fund coverage ratio is between
1.11
to
Between 2.03, the overall level of protection is better.



Table 4 Coverage of Bond Funds by Raised Investment Projects (Unit: 10,000 yuan)


Hospital main body

Total Bond Income

Cumulative cash balance of bonds at the end of the period

Bond Principal Fund Coverage

Bond principal and interest fund coverage




The Eighth Hospital of Sun Yat-sen University

3,665,371

37,389

2.24

2.01

Guangzhou University of Traditional Chinese Medicine Shenzhen Hospital

1,576,090

7,870

1.51

1.40

Futian District Second People's Hospital

453,929

3,084

2.32

2.03

Fukuda Maternal and Child Health Hospital

401,615

1,334

1.15

1.11

Futian District Chronic Disease Control Hospital

202,701

1,599

1.46

1.32

total

6,299,706

51,276

-

-



Note
1:
Principal Fund Coverage
= (Accumulated cash balance of the project at the end of the period
+ Repayable principal of all bonds)
/ Repayable principal of all bonds; coverage of principal and interest funds
= (Accumulated cash balance of the project at the end of the period
+ Principal and interest repayable on all bonds
/ Repay all principal and interest on bonds.



Note
2:
The "19 Shenzhen 06" fundraising project was implemented by the Eighth Hospital Affiliated to Sun Yat-sen University, the Shenzhen Hospital of Guangzhou University of Chinese Medicine, and the Second People's Hospital of Futian District. The implementation plan of this period measures the coverage of principal funds and the coverage of principal and interest funds, taking into account the coverage of hospital income on all bond funds.

In "19 Shenzhen 06",
The principal amount of bonds raised by the eighth hospital affiliated to Sun Yat-sen University, Shenzhen Hospital of Guangzhou University of Chinese Medicine, and the Second People's Hospital of Futian District was RMB 201,600,000, RMB 85,038, and RMB 13,396,200.



Source: Implementation plan, organized by CSI Pengyuan


On the whole, the bond investment projects in the current period have strong solvency and high degree of protection, and the project fund balance is relatively good during the duration of the special bonds.



(3) Analysis of the main risks of debt repayment

1. Construction and construction risks of fundraising projects

The bond investment projects in this period mainly include
Construction of 11 engineering projects,
Because of the stability of the design scheme,
For reasons such as the organization's management level, installation and operation technology, and the progress of funds in place, there may be situations such as the slow construction of hospital projects, and the risk of increased cost investment. Considering that the main body of the fund-raising project is various government units and has rich experience in project construction and equipment procurement, the relevant government departments have a high degree of cooperation with medical and health projects.
During the construction of the bond investment project in this period, the risks were generally controllable.



2.Risk of project investment income not meeting expected risk

The debt service funds of this period of bonds come from the outpatient and inpatient income of the five hospitals. This part of the income is greatly affected by factors such as the average daily outpatient amount, outpatient costs, the number of inpatients, and the average price. If the predicted relevant income is significantly different from the expected one, it will have a certain negative impact on debt servicing funds.



In addition, the above-mentioned project income has the risk of inaccurate investment measurement. These factors may include judgment deviations in important links such as project progress, financing plan, and overall cash flow measurement of the project. These deviations will cause the project feasibility analysis to not be corrected in a timely manner. The result of an imbalance between inputs and cash inflows. The above projects also have the risk of irregular fund management. If the government project financial funds are not prepared in time or the bond funds are misappropriated, it will increase the uncertainty of repayment of the principal and interest on time and in full, and increase the risk of repayment. .




If the project's assumptions change, which makes it difficult to repay the principal of the bonds due from the investment project, it is possible to issue special project bonds for repayment within the special debt limit and the coverage multiple is met, and then finally realize the project income Then return it, or meet the requirements of repayment of principal and interest by adding capital.



(4) Summary

It is expected that the income from the bond investment projects in this period will provide a higher degree of protection for the special bond funds to be used.
The bond capital coverage of the five hospital projects is
1.15 to
Between 2.32, the coverage of bond principal and interest funds is between
1.11 to
Between 2.03, the overall solvency is strong and the degree of protection is high.

Generally speaking, the balance of project funds is relatively good during the bond duration.



Even if the project assumptions change, special project bonds can be issued for repayment within the special debt limit and the coverage multiple is met, and will be returned after the project income is finally realized, or additional capital will be used to meet the principal payment. Interest requirements. In addition, according to the "Administrative Measures for the Budget of Special Debts of Local Governments", the current bond income, arranged expenditures, repayment of principal and interest, and issuance expenses are included in the Shenzhen Municipal Government Fund Budget Management. Generally speaking, the bond repayment guarantee in this period is high.


Economic foundation


Shenzhen has a significant geographical advantage, its economy is large and it continues to grow, and its economic aggregate ranks among the planned cities separately2
First; Shenzhen's population structure is relatively young, and the regional population import capacity is strong

2 Listed cities include: Shenzhen, Xiamen, Ningbo, Dalian, and Qingdao.



Shenzhen is located on the east bank of the Pearl River Estuary, facing Daya Bay and Dapeng Bay in the east, bordering the Pearl River Estuary and Lingdingyang in the west, bordering Dongguan and Huizhou in the north, and being separated by the water from the Hong Kong Special Administrative Region in the south, connecting Hong Kong to the mainland of China Ties and bridges.

As of the end of 2018, the built-up area of Shenzhen was 927.96 square kilometers.


Shenzhen is a national economic center and international city. Shenzhen has 9 administrative districts (Futian District, Luohu District, Yantian District, Nanshan District, Baoan District, Longgang District, Longhua District, Pingshan District, Guangming District) and 1 New districts (Dapeng New District). In 1980, Shenzhen became the first special economic zone established since China's reform and opening up; in 1988, Shenzhen began to implement a separate plan and has deputy provincial financial management authority; in 1992, the Standing Committee of the National People's Congress granted Shenzhen the authority to formulate local laws and regulations. Power; in 2010, the scope of the Shenzhen Special Economic Zone extended to the whole city; in 2019, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting the Construction of a Socialist Pioneering Demonstration Zone with Chinese Characteristics" was promulgated. Drive ”a major historical opportunity. In the forty years of reform and opening up, Shenzhen has undertaken important missions of experimentation and demonstration in China's institutional innovation and expanded opening up. In China's high-tech industry, financial services, foreign trade exports,
Marine transportation, creative culture and other aspects have a more prominent position.



Shenzhen is an important comprehensive transportation hub and border port in China. The development level of railway, aviation and urban rail transit is high. In terms of border ports, Shenzhen has 15 first-class ports approved by the State Council for opening up to the outside world. In the communication between the Mainland and Hong Kong, Shenzhen has significant geographical importance. In terms of railways, the national medium- and long-term railway network plan has identified Shenzhen as a national railway hub city. The Shenzhen area has basically formed a double cross structure with the Xiamen-Shenzhen Railway as the horizontal axis, and the Beijing-Guangzhou-Shenzhen Passenger Dedicated Line and the Guangzhou-Shenzhen Railway as the vertical axis. The railway basically covers major cities in South China, North China and the southeast coast. In terms of urban rail transit, Shenzhen's rail transit is highly convenient. As of the end of 2018, there were 9 rail transit lines operated by Shenzhen; in 2018, the total number of passenger rail transit was 1.887 billion, a year-on-year increase of 14.0%; in 2018, rail transit operations The length of the line is 296.72 kilometers, an increase of 11.72 kilometers from 2016. In terms of aviation, Shenzhen Bao'an Airport is a regional hub airport in China and one of the fourth largest airports in China. In 2018, Bao'an Airport had a passenger throughput of 49,392,900 passengers, ranking fifth in the country.


Thanks to innovation-driven industrial transformation and upgrading, Shenzhen's economy has maintained high-quality and effective growth in recent years, and its economic development has steadily ranked among the top cities in the country. From 2016 to 2018, Shenzhen achieved a GDP of 2.007.70 billion yuan,
2.244 billion 060 billion yuan and 2.42221198 billion yuan, ranking first in the city by plan; calculated at comparable prices, year-on-year growth
9.1%, 8.8% and 7.6%, the growth rate slowed down, but still higher than the national level in the same period. From the point of view of residents' living standards, Shenzhen is at a relatively high level. In 2018, the per capita GDP was 189,568 yuan, which was 293.81% of the national per capita GDP in the same period. In 2018, the disposable income of urban residents reached 57,544 yuan, a year-on-year increase. 8.7%.


Shenzhen's population structure is relatively young. Benefiting from the significant industrial clustering, headquarters economic effects, and greater talent introduction policies, Shenzhen's population migration trend has shown a significant inflow. According to the 2017 Shenzhen Gender Statistics Report, the proportion of Shenzhen's resident population aged 65 and over in the total population in Shenzhen in 2017 was 3.24%, and the government's expenditure pressure on pensions and medical security was relatively light. In recent years, Shenzhen's education-related expenditure has been under great pressure, and the government has adopted a stronger policy on talent introduction. On the one hand, Shenzhen has further relaxed the conditions for the introduction of young, specialized, and highly skilled talents.
We will increase subsidies for high-end talents in terms of housing and living; on the other hand, simplify the approval process for the introduction of designated talents, and achieve efficient introduction of talents.

As of the end of 2018, Shenzhen's resident population was 13.02866 million, an increase of 4.0% year-on-year; the registered population was 4,475,700, an increase of 4.6% year-on-year. The size of the permanent population is higher than the registered population, and the regional population introduction ability is strong; the registered population growth rate is slightly higher than the permanent population growth rate, indicating that the Shenzhen talent introduction policy has an obvious effect, the number of registered residents continues to increase, and the continuous inflow of population brings urban development New vitality.


Table 5 Shenzhen's main economic indicators and year-on-year changes from 2016 to 2018 (Unit: 100 million yuan)


project

2018 year

2017 year

2016 year

Amount

growth rate

Amount

growth rate

Amount

growth rate

GDP(
GDP)


24,221.98


7.6%


22,490.06


8.8%


20,079.70


9.1%


Added value of the primary industry


22.09


3.9%


19.57


27.0%


8.28


-0.4%


Added value of the secondary industry


9,961.95


9.3%


9,318.10


9.2%


8,310.65


8.1%





Tertiary industry added value


14,237.94


6.4%


13,152.39


8.4%


11,760.77


9.9%


Industrial added value


9,254.00


9.0%


8,739.14


9.4%


7,800.22


8.1%


Investment in fixed assets


-


20.6%


5,147.32


23.8%


4,078.16


23.6%


The total retail sales of social consumer goods


6,168.87


7.6%


6,016.19


9.1%


5,512.76


8.1%


Total imports and exports (100 million US dollars)


4,360.95


7.0%


4,141.46


3.9%


3,984.39


-9.9%


Deposit balances in local and foreign currencies of financial institutions (including foreign capital)


72,550.36


4.1%


69,668.31


8.2%


64,407.81


11.5%


Loan balances in local and foreign currencies of financial institutions (including foreign capital)


52,539.79


13.4%


46,329.33


14.3%


40,526.90


24.9%


Disposable income of urban residents (yuan)


57,544


52,938


48,695


per capita
GDP (yuan)


189,568


183,544


172,453


per capita
GDP / national per capita
GDP


293.81%


310.04%


321.26%




Note: (1) Since 2017, R & D expenditure has been included in the GDP calculation. The Shenzhen Statistical Yearbook 2018 adjusted the previous year's GDP based on this, and this report uses adjusted values; (2) ) In 2017 and 2018, the Shenzhen-Shanshan Special Cooperation Zone was included in the calculation of Shenzhen's GDP; (3) The import and export data for 2018 was 2,998.374 billion yuan, which was converted based on the intermediate exchange rate of RMB 6.8755 in the interbank foreign exchange market on December 31, 2018. 100 million US dollars, the growth rate is the year-on-year growth rate denominated in RMB; (4) "-" is undisclosed data.


Source: 2016-2017 data from "Shenzhen Statistical Yearbook 2018", 2018 data from "Shenzhen National Economic and Social Development Statistical Bulletin 2018", organized by CSI Pengyuan

Shenzhen is dominated by advanced manufacturing, high-tech manufacturing, and modern service industries. The high-end industrial development momentum is good. The four pillar industries have obvious competitive advantages, and innovation continues to drive industrial transformation and upgrading. Shenzhen has formed an export-oriented industry. Investment and consumption supplemented by a dynamic structure to promote sustained economic growth

Shenzhen's industrial structure is dominated by advanced manufacturing, high-tech manufacturing, and modern service industries, and has maintained rapid growth in recent years. In 2018, the added value of Shenzhen's secondary industry realized 969.195 billion yuan, an increase of 9.3%; the added value of the tertiary industry realized
1,423.794 billion yuan, an increase of 6.4%. The three industrial structures were adjusted from 0.04: 41.39: 58.57 in 2016 to 0.09 in 2018:
41.13: 58.78.


From 2016 to 2018, Shenzhen's industrial added value reached 780.022 billion yuan, 873.914 billion yuan and 925.400 billion yuan,
The growth rates were 8.1%, 9.4% and 9.0%. Shenzhen's industrial high-end development momentum is good. In 2018, the added value of Shenzhen's advanced manufacturing and high-tech manufacturing industries was 656.483 billion yuan and 613.120 billion yuan, an increase of 12.0% and 13.3%, respectively. In terms of service industry, in 2018, the value added of Shenzhen's modern service industry was 1.009 billion yuan, an increase of 7.1%, mainly in the leasing and business services industry, the Internet and related services, software and information technology services.


From the perspective of the development of pillar industries, in 2018, the four pillar industries3 achieved a total value-added of 1.546594 trillion yuan, accounting for 63.85% of the current regional GDP. The four pillar industries have obvious competitive advantages, promote Shenzhen's continuous innovation, and continue to drive industrial transformation and upgrading. In terms of high-tech industries, Shenzhen has formed a high-tech industrial cluster dominated by the electronic information industry , and has become an important base for the industrialization of high-tech achievements in the country. The value-added of high-tech industries in 2018 increased by 12.7% year-on-year;
In terms of the financial industry, Shenzhen is one of the cities with the highest proportion of GDP in mainland China's financial industry.

3 Shenzhen's four pillar industries:
High-tech industry, finance industry, modern logistics industry and cultural industry.




Tian, Luohu, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, etc. At the end of 2018, the balance of deposits and loans in local and foreign currencies of financial institutions (including foreign capital) in Shenzhen was 7.255.036 billion yuan and 5.253.979 billion yuan, a year-on-year increase of 4.1% and 13.4% respectively. In terms of creative industries, Shenzhen is the first city in the country to be awarded the title of "Design Capital" by UNESCO. In 2018, the added value of culture and related industries (above the scale) was 156.052 billion yuan, a year-on-year increase of 6.3%; the modern logistics industry In terms of supply chain management, more than 80% of the nation ’s supply chain management companies are headquartered in Shenzhen. At present, the major logistics industrial parks include Qianhai Bay Bonded Logistics Park, Yantian Logistics Park, and South China Logistics Park. The added value of the logistics industry increased by 9.4% year-on-year. With the gradual development and growth of the industry in the future, new economic growth points will be formed.


Judging from the driving force of economic development, Shenzhen has formed a driving force structure based on import and export, supplemented by investment and consumption.
Affected by the external environment, the growth rate of imports and exports has fluctuated in recent years. In terms of investment, although the growth rate of investment in fixed assets slowed down from 2016 to 2018, it maintained a high level, with growth rates of 23.6%, 23.8%, and 20.6% respectively. In terms of different industries, the tertiary industry is the main investment direction of Shenzhen's fixed investment. In 2018, Shenzhen's tertiary industry investment increased by 23.4%. In terms of different industries, the real estate industry is the main investment direction. In 2018, real estate development investment increased by 23.6%. In 2018, the construction area of commercial buildings in Shenzhen was 67.467 million square meters, a year-on-year increase of 18.2%; the sales area of commercial buildings was 7,200,100 square meters, a year-on-year increase of 7.6%. In terms of consumption, benefiting from the continuous growth of residents' income, the total retail sales of consumer goods have steadily increased.
In 2018, it achieved RMB 168.887 billion, with a compound growth rate of 5.78% in the past three years. Among them, the retail sales of consumer upgrades showed the best growth trend. In 2018, the retail sales of food, beverages, tobacco, sports, entertainment, books and magazines were respectively Up 14.1%,
13.2% and 12.5%. In terms of foreign economy, thanks to Shenzhen's opening up to the outside world, Shenzhen's total exports continued
Ranked first among large and medium-sized cities in the Mainland in 26 years. In 2018, Shenzhen's total import and export trade reached 2.898374 trillion yuan, a year-on-year increase.
7.0%, of which total exports were 1,627.469 billion yuan, a year-on-year decrease of 1.6%. However, the open economy is susceptible to the external environment. In 2016, due to factors such as slowing market demand in Europe and the United States, increasing downward pressure on the economy, and the relocation of production capacity of some enterprises, Shenzhen's total imports and exports showed negative growth, benefiting from 2017-2018 With the recovery of the global economy, Shenzhen's total import and export volume is recovering.


According to Shenzhen's "13th Five-Year Plan", Shenzhen will focus on developing strategic emerging industries and strive to become an international technology,
Industrial Innovation Center. As a strategic hub city, Shenzhen is shouldering the heavy responsibility of advancing national strategies such as the “ Belt and Road ”, “Ocean Power”, the Guangdong-Hong Kong-Macao Greater Bay Area, and innovative nations, and has a bright future for development.


Financial strength and flexibility


Shenzhen's financial strength is strong, and the city's comprehensive financial resources are concentrated at the municipal level; general public budget revenue is the main component of Shenzhen's overall financial resources, and it is large in scale, but affected by the "tax and fee reduction" policy, the growth rate has slowed in recent years. The government fund income is mainly based on the transfer of state-owned land use rights, which is an important supplement to the comprehensive financial resources of the region.
May be affected by fluctuations in the real estate and land markets


2016-2017 Shenzhen's comprehensive financial resources were
740.213 billion yuan and
RMB 716.403 billion, with a large overall scale and strong financial strength. From the perspective of the composition of comprehensive financial resources, the overall financial resources of Shenzhen are dominated by general public budget financial resources.
The proportion of 2016-2017 in the city's comprehensive financial resources
More than 76%, mainly from general public budget revenue. The budgetary financial resources of the government funds in Shenzhen have fluctuated slightly in recent years, mainly due to the impact of the real estate market and the land market.



Shenzhen's comprehensive financial resources are mainly concentrated at the municipal level.
2016-2017 city-level comprehensive financial resources accounted for
66% or more.

2016-2018 Shenzhen's comprehensive financial resources were realized separately
50.623 billion yuan,
477.913 billion yuan and
473.126 billion yuan, a compound growth rate in the past three years is
-2.97%, showing a slight decline, mainly due to transfer income
4 due to decline.



4
The transferable income of Shenzhen's general public budget financial resources mainly includes: superior subsidy income, provincial subsidy plan separate city income, debt income,
Transfer to budget stabilization funds,
Transferred funds and balance income carried over from the previous year.



Table 6 Shenzhen-level and city-level fiscal revenue from 2016 to 2018 (Unit: 100 million yuan)


project


2018 year


2017 year


2016 year


Citywide


City level


Citywide


City level


Citywide


City level


Comprehensive financial resources


-


4,713.26


7,164.03


4,779.13


7,402.13


5,006.23


(1) Financial resources of general public budget


5,265.92


3,239.03


5,611.52


3,370.04


5,673.67


3,451.69


Of which: General Public Budget Revenue


3,538.44


2,190.13


3,332.13


2,086.76


3,136.49


1,995.95


Higher subsidy income


286.81


286.81


290.95


290.95


232.42


232.42


(2) Budgetary financial resources of government funds


-


1,419.08


1,489.98


1,356.48


1,639.66


1,476.51


Of which: Government Fund Revenue


964.64


962.53


1,029.95


1,026.50


966.40


956.02


(3) State-owned capital operating financial resources


-


55.15


62.53


52.61


88.80


78.03


Of which: State-owned capital operating income


46.63


40.83


38.90


35.44


67.59


59.30




Note:
(
1)
Comprehensive financial resources
= General public budget financial resources
+ Government Fund Budget
+ State-owned capital operating financial resources; (
2) marked "
-"Means data is not available.



Source: "About Shenzhen
Report on Draft Final Accounts for 2016-2018, organized by CSI Pengyuan


Shenzhen ’s general public budget revenue is relatively large, and has ranked first in the list of cities in recent years.

2016-2018 Shenzhen's general public budget revenue is
313.649 billion yuan,
333.213 billion yuan and
353.8444 billion yuan, a year-on-year increase
15.02%,
6.24% and
6.19%, the growth slowed down, mainly due to the gradual implementation of the "tax and fee reduction" policy. From the perspective of income structure, the general public budget revenue of Shenzhen is mainly tax revenue.
The proportion of city-wide tax revenue in 2016-2018
More than 79%. From the perspective of tax structure, tax revenue is mainly based on value-added tax (including business tax), corporate income tax, personal income tax, and land value-added tax.
2016-2018 total share of the city's tax revenue is
About 84%, the tax structure is relatively stable.

In 2018, Shenzhen Municipality fully implemented the new “tax and fee reductions” introduced by the central government.

Policy measures, including lower VAT rates
1 percentage point, monthly personal income tax deduction standard increased to
5,000
RMB, corporate income tax R & D expenses plus deductions and expansion of bidding and other policies, the full implementation of the future "tax cuts and reductions" policy will lead to a sustained slowdown in the growth of Shenzhen's tax revenue.

In 2018, Shenzhen's non-tax revenue fell year-on-year
5.68% to
63.881 billion yuan, mainly due to the significant reduction in revenue from paid use of state-owned resources (assets).




2016-2018 Shenzhen's general public budget revenues at this level are
195.995 billion yuan,
208.876 billion yuan and
219.013 billion yuan was mainly tax revenue. Shenzhen's tax structure is relatively stable.
From 2016 to 2018, the total value-added tax (including business tax), corporate income tax, personal income tax, and land value-added tax accounted for the proportion of tax revenue maintained at
About 91%. Shenzhen-level non-tax income is mainly special income.
The proportion of the city's non-tax income in 2016-2018 was
Above 60%.



Table 7 General Public Budget Revenue of Shenzhen City and City Level 2016-2018 (Unit: 100 million yuan)


project

2018 year

2017 year

2016 year

Citywide

City level

Citywide

City level

Citywide

City level

General public budget revenue

3,538.44

2,190.13

3,332.13

2,086.76

3,136.49

1,995.95

(A) tax revenue

2,899.63

1,614.04

2,654.89

1,475.98

2,488.88

1,420.67

Of which: Value Added Tax

1,046.97

586.08

991.28

548.15

650.95

362.22

Business tax

-

-

-

-

363.94

256.91

corporate income tax

680.62

469.29

667.85

456.68

569.52

390.25

Personal Income Tax

373.43

225.46

334.33

201.58

304.75

174.52

Urban maintenance and construction tax

159.65

0.00

138.56

-0.01

133.49

-0.01

Land value added tax

327.72

187.87

259.32

146.54

219.64

122.70

Deed tax

164.73

87.24

130.81

71.56

128.77

68.39

(2) Non-tax income

638.81

576.09

677.24

610.78

647.61

575.28

Of which: Special income

389.17

389.12

372.13

372.07

382.34

381.77

Tax revenue / general public budget revenue

81.95%

73.70%

79.68%

70.73%

79.35%

71.18%



Source: "About Shenzhen
Report on Draft Final Accounts for 2016-2018, organized by CSI Pengyuan


The revenue of Shenzhen government funds is mainly the income from the transfer of state-owned land use rights, which may be affected by fluctuations in the real estate market and the land market.

From 2016 to 2018, the revenue of Shenzhen municipal government funds was completed separately
96.440 billion yuan,
1,029.95
Billion and
96.464 billion yuan, showing slight fluctuations. The municipal government fund income in Shenzhen is largely concentrated at the municipal level. The reason is that according to the current management system of Shenzhen, the revenue from the transfer of state-owned land use rights is first listed at the municipal level. Pay for each district.



Table 8 Revenue of Shenzhen Municipal Government and Municipal Government Funds, 2016-2018 (Unit: 100 million yuan)


project


2018 year


2017 year


2016 year


Citywide


City level


Citywide


City level


Citywide


City level


Government fund income


964.64


962.53


1,029.95


1,026.50


966.40


956.02


Of which: Revenue from Transfer of State-owned Land Use Rights


898.24


898.21


960.72


960.71


896.61


893.48




Source: "About Shenzhen
Report on Draft Final Accounts for 2016-2018, organized by CSI Pengyuan


Shenzhen's fiscal expenditures are mainly general public budget expenditures.
2016-2018 General Public Budget Expenditure of the City



The proportion of fiscal expenditure is
89.99%,
88.82% and
86.37%.

In 2018, the city's rigid expenditure
5% of general public budget expenditure
33.21%, indicating that Shenzhen's fiscal expenditure is more flexible.

In 2018, Shenzhen's urban and rural community affairs, transportation and housing security, education, culture, sports and media, social security and employment, health care,
Cumulative investment in energy saving, environmental protection, agriculture, forestry and water affairs
277.229 billion yuan, and expenditures in key livelihood areas have been effectively guaranteed.

Self-sufficiency rate of Shenzhen's public finances in 2018
82.62%, with better fiscal self-sufficiency.

2016-
The government fund expenditures of Shenzhen City in 2018 were:
41.375 billion yuan,
53.704 billion yuan and
63.744 billion yuan, which is mainly urban and rural community affairs expenditures that are mainly based on the arrangement of state-owned land use right transfer income.



5 Rigid expenditure
= General Public Service Expenditure
+ Education expenditure
+ Social security and employment expenditure
+ Expenditure on health care and family planning.



Table 9 Fiscal Expenditure of Shenzhen City and Municipal Level at 2016-2018 (Unit: 100 million yuan)


project


2018 year


2017 year


2016 year


Citywide


City level


Citywide


City level


Citywide


City level


Total fiscal expenditure


4,958.26


2,376.73


5,172.04


2,721.98


4,679.52


2,589.90


(1) General public budget expenditure


4,282.56


2,115.52


4,593.80


2,361.46


4,211.04


2,276.59


Of which: General Public Service Expenditure


358.40


125.16


283.63


106.93


214.38


87.83


Education expenditure


584.51


186.03


509.10


147.72


414.73


148.84


Social security and employment expenditure


197.75


73.41


239.72


92.60


105.45


38.12


Medical and family planning expenditures


281.50


113.01


244.23


94.52


201.27


69.27


(II) Government Fund Expenditure


637.44


213.04


537.04


320.88


413.75


260.88


(3) State-owned capital operating expenses


38.26


48.17


41.20


39.64


54.73


52.43


Rigid expenditure
/ General Public Budget Expenditure


34.10%


23.52%


27.79%


18.71%


22.22%


15.11%


Public finance self-sufficiency rate


82.62%


103.53%


72.54%


88.37%


74.48%


87.67%




Note:(
1) Total fiscal expenditure
= General Public Budget Expenditure
+ Government Fund Expenditure
+ State-owned capital operating expenses; (
2) Self-sufficiency rate of public finance
=
General public budget revenue
/ General public budget expenditure.



Source: "About Shenzhen
Report on Draft Final Accounts for 2016-2018, organized by CSI Pengyuan


Fives,
Debt burden and liquidity


(1) Debt burden

In recent years, the Shenzhen government debt scale has remained very low, the government debt rate is far below the warning line, and the government debt burden is light


In recent years, the scale of Shenzhen government debt has remained low.

From the end of 2016 to 2018, the government debt balance of Shenzhen Municipality showed slight fluctuations, respectively
12.978 billion yuan,
11.878 billion yuan and
14.627 billion yuan; of which, Shenzhen government debt is mainly concentrated at the municipal level. In recent years, municipal government debt has accounted for
More than 64%.



Table 10 Shenzhen government debt scale and structure from 2016 to 2018 (Unit: 100 million yuan)



project


2018 year


2017 year


2016 year


Citywide


City level


Citywide


City level


Citywide


City level


Responsible government debt balance


145.92


93.92


117.24


103.53


127.95


97.08


Of which: General debt balance


86.52


65.52


97.24


83.50


127.95


97.08


Special debt balance


59.40


28.40


20.00


20.00


0.00


0.00


Government contingent debt balance


0.35


0.35


1.54


1.54


1.83


1.83


Of which: debt with guarantee liability


0.00


0.00


0.00


0.00


0.00


0.00


Responsible debt


0.35


0.35


1.54


1.54


1.83


1.83




source:
2016-2017 data from `` About Shenzhen
Report on 2016-2017 Draft Final Accounts,
The data for 2018 comes from ``
Shenzhen Municipal Government Budget (Draft) 2019
Budget implementation in 2018, organized by CSI Pengyuan


From the type of debt, as of
2018 年末,深圳全市政府负有偿还责任的债务余额为
145.92
亿元,其中一般债务余额为
86.52 亿元,专项债务余额为
59.40 亿元;政府或有债务余额为
0.35 亿元,全部是负有救助责任的债务,为深圳大学城学生公寓建设贷款。



从资金投向来看,截至
2017 年末,深圳全市负有偿还责任的政府债务大部分用于公益性项目建设,投向于市政建设、保障性住房和教育等公益性项目共
92.89 亿元,占比当期末深圳市负有偿还责任政府债务的比重达
79.23%。



深圳市政府负有偿还责任的债务偿债期限结构较为合理,截至
2018 年底,深圳政府负有偿还责任的债务于
2019 年、
2020 年、
2021 年和
2022 年及以后各年度到期债务占总债务的比重分别为
20.77%、
14.40%、
8.91%和
55.93%,集中偿付压力小。



表11 截至
2018 年末深圳市全市政府负有偿还责任债务偿债期限分布表(单位:
亿元)


project


2019 year


2020


2021


2022 年及以后


到期债务规模


30.31

21.01


13.00


81.61




source:
"
2019 年深圳市本级政府预算(草案)》,中证鹏元整理


从偿债能力来看,
2018 年末深圳市本级政府限额内政府债务率
6为
2.09%,远低于
100%
的警戒线。

2018 年末,深圳市全市负有偿还责任的债务余额与当年
GDP 的比值为
0.60%,
政府债务负担很轻。



6市本级政府限额内政府债务率
=负有偿还责任的债务余额
/市本级综合财力。



(二)流动性

深圳市政府融资空间较大,深圳市金融机构存款规模大且政府调配能力很强,深圳市国资委出资的地方国有资产规模大,可为深圳市政府债务的偿还提供较大流动性支持


政府债务限额方面,
2018 年深圳市的地方政府债务限额为
384.50 亿元,与
2017 年相比,新增政府债务限额
52.40 亿元,其中新增一般债务限额
13.00 亿元,新增专项债务限




39.40 亿元。从限额分配来看,深圳市地方政府债务限额集中于市本级,
2018 年深圳市本级地方政府债务限额为
310.20 亿元。从限额使用情况来看,截至
2018 年末,深圳市地方政府债务余额为
145.92 亿元,距核定的政府限额仍有较大的空间,深圳市政府融资空间较大。



表12 2016-2018 年深圳市政府债务限额情况(单位:亿元)


project


2018 年


2017 年


2016 年


地方政府债务限额


384.50

332.10


332.10


其中:一般债务限额


313.60


300.60


300.60


专项债务限额


70.90


31.50


31.50




资料来源:《深圳市本级政府
2017 年预算执行和
2018 年预算草案附表》、《
2019 年深圳市本级政府预算(草案)》,中证鹏元整理


从地区金融生态环境来看,根据
2017 年深圳市统计年鉴及
2018 年深圳经济运行情况统计,
2016-2018 年深圳市金融机构(含外资)本外币各项存款余额分别为
64,407.81 亿元,
69,668.31 亿元和
72,550.36 亿元。

2017 年,深圳市金融机构(含外资)本外币各项存款余额占计划单列市平均值的
272.81%,此外深圳市政府对当地资金的调配能力很强,在面临债务困境时,可提供较大的外部流动性支持。



深圳市国资委出资的企业主要包括深业集团有限公司、深圳市地铁集团有限公司、深圳市机场(集团)有限公司、 深圳能源集团股份有限公司等。 As of
2017 年末,深圳市属国企总资产达
25,553 亿元,增长
125%;净资产
9,440 亿元,增长
47%;全年实现营业收入
4,005 亿元,增长
165%;利润总额
862 亿元,增长
154%。在全国
36 个省(区、市)
和计划单列市中,深圳市属国企利润总额排名第
3 位。总体来看,深圳市国资委出资的地方国有资产规模大,国有企业质量效益表现较好,
根据现有法律法规定,
国有股权、土地资产和矿产资源等如能盘活或变现,
可为深圳市政府偿还债务提供较大内部流动性支持。



six,
政府管理与治理情况


深圳市近年来不断加强预算管理、推进财政体制改革,持续完善债务管控及风险防范机制,同时深圳市政府信息透明度较高,地方政府管理状况较好


深圳作为我国改革开放的窗口,在国家财政体制改革方面拥有先行先试的优势。近年来,深圳市秉承改革创新核心精神,在财政体制改革、预算管理、债务管理和信息公开方面持续推进相关工作。



财政体制改革方面,
2016 年,深圳市拟定了第五轮市区财政体制改革方案,旨在强化



落实区级预算主体责任,充分调动市区两级积极性;
2017 年,深圳市全面启动了第五轮市区财政体制改革和政府投资事权划分改革,着力构建财权与事权相匹配的市区财政体制,
结合市级下放的事权,进一步提高了区级财政保障水平,
对基本公共服务均等化有一定促进作用。



预算管理方面,深圳市近年来积极加强预算管理工作。《中华人民共和国预算法(
2014
年修正版)》(以下简称“新预算法”)出台后,深圳市财政局进一步完善了全口径预算的编制工作。

2015 年以来,深圳市预决算完成情况较好,近三年财政预决算报告收支总额差异程度均较小。

2017 年
6 月,深圳市政府办公厅印发了《
2018 年市本级预算和
2018-2020
年中期财政规划编制方案》,以
2018 年预算编制改革为着力点,启动了深圳市预算管理改革,对中长期规划管理进行了加强。

2018 年
10 月,深圳市印发《关于进一步深化预算管理改革强化预算绩效管理的意见》,通过转变理财用财理念等措施,进一步深化了预算管理改革。



债务管理方面,深圳市政府持续完善债务管控的制度建设和管理工作,进一步完善了债务风险防范机制。根据财政部《关于对地方政府债务实行限额管理的实施意见》(财预〔
2015〕
225 号),从
2015 年起深圳市本级及区级政府债务实行限额控制和预算管理。

2017
year
1 月,深圳市财政局
7印发了《深圳市地方政府性债务风险应急处置预案》(深财预
[2017]1
号),对深圳市政府性债务风险管理进行加强,完善了应急处置机制,实施分类应急处置,
进一步完善了深圳市政府性债务管理制度体系。

2018 年
9 月,深圳市财政局印发了《关于深圳市政府专项债券资金管理有关事项的指导意见(征求意见稿)》,对债券资金实行专户管理,临时闲置的债券募集资金,只能用于办理专户内流动性好、风险低的保本投资,实行专款专用、规范管理。



7 2019 年
1 月,《深圳市机构改革方案》发布,将深圳市财政委员会更名为深圳市财政局,原文件为深圳市财政委员会印发,下同。



深圳市政府信息透明程度较高,政府信息公开工作有序进行。

2017 年,深圳市完善了服务平台,加强了“深圳政府在线”门户网站内各栏目以及“深圳发布”、“深圳微博发布厅”等政务微博、微信平台的建设,通过不同渠道和方式公开政府信息情况。

2017 年深圳市各级行政机关主动公开政府信息
696,485 条,以业务动态类信息为主,发布渠道包括政府公报、政府网站、政务微博、政务微信和报刊、广播、电视等其他方式。此外,在经济财政方面,深圳市信息的披露程度较高,公开及时有效。

2018 年
11 月,财政部发布
2017
年度地方预决算公开度排行榜,深圳市在全国
36 个省(区、市)和计划单列市中排名第二。




七、外部特殊支持


由于我国实行单一制行政体制,在政治上,地方政府不具有独立性,是中央政府的派出机构;在经济与财政层面,分税制改革以来,中央政府与地方政府实行分权管理,地方政府拥有可支配的财政收入并负担相应的财政支出。

新预算法修改后国务院明确规定,中央政府对地方政府债务实行不救助的原则,但从国家政治体制角度来看,中央政府出于保护经济和维护社会稳定的目的,
很可能向地方政府提供支持。



深圳市作为战略枢纽城市,在推进“ 一带一路 ”、“海洋强国”、创新型国家、粤港澳大湾区等多项国家战略中具有重要地位,经济和政治重要性非常高。因此,我们认为深圳市政府在面临债务流动性危机时,获得中央政府或其他地方政府支持的可能性非常大,这些支持包括流动性支持、债务救助资金或任何推动与债权人的谈判,或帮助获得临时性融资的行动等。







附录专项债券信用等级符号及定义


symbol


definition


AAA


对应的政府性基金或专项收入收支状况、对应项目建设运营状况极好,偿还债务的能力极强,基本不受不利经济环境的影响,违约风险极低。



AA


对应的政府性基金或专项收入收支状况、对应项目建设运营状况很好,偿还债务的能力很强,受不利经济环境的影响不大,违约风险很低。



A


对应的政府性基金或专项收入收支状况、对应项目建设运营状况较好,偿还债务能力较强,较易受不利经济环境的影响,违约风险较低。



BBB


对应的政府性基金或专项收入收支状况、对应项目建设运营状况一般,偿还债务能力一般,受不利经济环境影响较大,违约风险一般。



BB


对应的政府性基金或专项收入收支状况、对应项目建设运营状况较差,偿还债务能力较弱,受不利经济环境影响很大,违约风险较高。



B


对应的政府性基金或专项收入收支状况、对应项目建设运营状况很差,偿还债务的能力较大地依赖于良好的经济环境,违约风险很高。



CCC


对应的政府性基金或专项收入收支状况、对应项目建设运营状况极差,偿还债务的能力极度依赖于良好的经济环境,违约风险极高。



CC


对应的政府性基金或专项收入收支状况、对应项目建设运营状况极差,基本不能偿还债务。



C


对应的政府性基金或专项收入收支状况、对应项目建设运营状况极差,不能偿还债务。





Note:
AAA 级可用“-”符号进行微调,
表示信用等级略低于本等级;
AA 级至
B 级可用“+”或“-”符号进行微调,表示信用等级略高于或低于本等级。







跟踪评级安排


根据监管部门规定及本评级机构跟踪评级制度,本评级机构在初次评级结束后,将在受评债券存续期间开展定期以及不定期跟踪评级,本评级机构将对受评债券信用风险进行持续跟踪。在跟踪评级过程中,本评级机构将维持评级标准的一致性。


定期跟踪评级每年进行一次。届时,发行主体须向本评级机构提供最新的相关资料,
本评级机构将依据受评债券信用状况的变化决定维持或调整信用评级。


自本次评级报告出具之日起,当发生可能影响本次评级报告结论的重大事项时,发行主体应及时告知本评级机构并提供评级所需相关资料。本评级机构亦将持续关注与受评债券有关的信息,在认为必要时及时启动不定期跟踪评级。本评级机构将对相关事项进行分析,并决定是否调整受评对象信用评级。


如发行主体不配合完成跟踪评级尽职调查工作或不提供跟踪评级资料,本评级机构有权根据公开信息进行分析并调整信用评级,必要时,可公布信用评级暂时失效或终止评级。


本评级机构将及时在公司网站公布跟踪评级结果与跟踪评级报告。










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