Workflow
国家电投集团新疆能源化工有限责任公司2025年面向专业投资者公开发行科技创新公司债券(第一期)(品种一)跟踪评级获“AAAsti”评级
Sou Hu Cai Jing·2025-07-31 07:21

Core Viewpoint - The rating report from China Chengxin International indicates that the National Energy Investment Group Xinjiang Energy Chemical Co., Ltd. has received an "AAAsti" rating for its 2025 public issuance of technology innovation corporate bonds, maintaining its previous rating due to strong support from its controlling shareholder and favorable operational metrics [1]. Group 1: Company Strengths - The company benefits from strong support from its controlling shareholder [1] - It has a significant scale advantage in power generation capacity and a high proportion of clean energy [1] - The company has a large and continuously growing amount of on-grid electricity [1] - Its profitability is relatively good, and it has strong operational cash flow [1] - The company enjoys ample bank credit and smooth financing channels [1] Group 2: Company Challenges - There is a decline in the utilization level of the company's units and a decrease in on-grid electricity prices [1] - The company faces challenges with wind and solar energy curtailment rates that need improvement [1] - A large number of ongoing and planned projects may increase investment pressure and further raise debt levels and financial leverage [1] - Renewable energy subsidy payments and receivables from equity transfers may occupy a significant amount of funds, potentially impacting the company's operations and overall credit status [1] Group 3: Future Outlook - China Chengxin International believes that the credit level of the National Energy Investment Group Xinjiang Energy Chemical Co., Ltd. will remain stable over the next 12 to 18 months [1]