穆迪将阿根廷的信用评级从Caa3提升至Caa1。 ...

Core Viewpoint - Fitch Ratings has identified fiscal policy as a major risk factor for Japan's credit rating, particularly with the upcoming Senate elections and increasing calls for significant fiscal spending and tax cuts [1] Fiscal Policy Risks - Analysts note a trend of increasingly loose fiscal policy in Japan, with the government implementing subsidies and other measures to alleviate inflation's impact on households [1] - Recent polling suggests that this trend may strengthen post-election, raising concerns about the potential for tax cuts without accompanying policies to boost economic growth [1] - If Japan proceeds with tax cuts without significant economic growth, it could lead to an expansion of fiscal deficits and accelerate debt growth, putting pressure on the credit rating [1] Current Credit Rating - Fitch currently rates Japan's sovereign credit at "A," which is five levels below the highest rating of "AAA," with a stable outlook [1]

2025年7月16日，中证鹏元公布评级报告，深圳市招商平安资产管理有限责任公司2025年度第二期中期 票据信用评级（25招商平安MTN002B）为"AAA"，评级展望稳定。 中证鹏元表示，本次等级的评定是考虑到深圳市招商平安资产管理有限责任公司是经深圳市人民政府批 准设立，并经原中国银监会核准的深圳市首家具有金融机构不良资产批量收购处置业务资质的地方资产 管理公司，在区域内具有较强的竞争优势；股东综合实力强，在业务协同等方面给予公司较大支持。同 时中证鹏元也关注到，本期债券设置有后偿等条款，可能加大债券投资者的潜在投资风险；受资本市场 波动影响，公司业绩稳定性有待加强；涉房出险项目回收处置难度加大；资产负债率较高，面临一定的 流动性风险管控压力等风险因素。 公司业务布局较为多元，股东综合实力强，中证鹏元给予公司稳定的信用评级展望。 资料显示，公司成立于2017年3月，是经深圳市人民政府批准设立，并经原银监会核准的深圳市第一家 具有金融机构不良资产批量收购处置业务资质的地方资产管理公司，初始注册资本30亿元，招商局金融 控股有限公司、中国平安人寿保险股份有限公司、深圳市投资控股有限公司和中证信用增进股份有限公 ...

Core Viewpoint - Michelin has received strong credit ratings from both Scope Ratings and Moody's, indicating a solid business risk profile and improving credit metrics [2][3]. Group 1: Credit Ratings - Scope Ratings affirmed Michelin's Long-Term Issuer Default Rating (IDR) of 'A' with a Stable outlook, reflecting a solid business risk profile and very strong credit metrics [2]. - Moody's affirmed its Long-Term rating of 'A2' with a Stable outlook, highlighting Michelin's attractive margins and strong brand recognition [3]. Group 2: Business Strengths - Michelin's unique position in the market is supported by its strong brand recognition and innovation capabilities, contributing to its favorable margins [3].

Core Viewpoint - Michelin has received strong credit ratings from both Scope Ratings and Moody's, indicating a solid business risk profile and improving credit metrics [2][3]. Group 1: Credit Ratings - Scope Ratings affirmed Michelin's Long-Term Issuer Default Rating (IDR) of 'A' with a Stable outlook on July 11, 2025, reflecting a solid business risk profile and very strong credit metrics [2]. - Moody's affirmed its Long-Term rating of 'A2' with a Stable outlook on July 9, 2025, highlighting Michelin's attractive margins and strong brand recognition [3]. Group 2: Business Strengths - Michelin's strong credit ratings are supported by its unique market position, innovation capabilities, and brand recognition, which contribute to its attractive margins [3].

Core Viewpoint - Shenzhen Metro Group Co., Ltd. has been rated "AAA" by China Chengxin International for its 2025 second phase medium-term notes, reflecting its strong financial and operational position in the rail transit sector [1][2]. Group 1: Economic and Strategic Position - Shenzhen's political and economic significance is highlighted, with its fiscal strength and growth capabilities being among the best in the country [2]. - The company plays a crucial role in Shenzhen's rail transit sector, demonstrating significant strategic importance and strong business competitiveness [2]. Group 2: Operational Performance - As of March 2025, the company has opened 15 metro lines with an operational mileage of 546.28 kilometers [2]. - In 2024, the total passenger volume reached 2.854 billion, marking a year-on-year increase of 14.5%, with a passenger intensity of 14,900 passengers per kilometer per day, placing it among the industry leaders [2]. Group 3: Financial Considerations - The company faces rapid debt growth and future capital expenditure pressures due to ongoing high-level infrastructure investments and increasing external financing needs [2]. - The integrated development of "rail + property" is a significant source of revenue and profit, but recent profitability has declined, making it susceptible to fluctuations in the real estate market and regulatory policies [2]. - In 2024, the company experienced a significant net profit loss, necessitating ongoing attention to the operational changes of Vanke Co., Ltd. and related transactions [2].

Core Viewpoint - Poly Developments and Holdings Group Co., Ltd. is issuing convertible bonds to specific investors, maintaining a credit rating of AAA with a stable outlook, supported by strong shareholder backing and a solid financial policy [2][24]. Financial Overview - Total assets as of 2022 were 1,470.46 billion, decreasing to 1,436.91 billion in 2023 and projected to be 1,335.11 billion in 2024 [5]. - Total liabilities decreased from 1,148.27 billion in 2022 to 1,099.89 billion in 2023, with a further decline to 992.58 billion expected in 2024 [5]. - Net profit for 2022 was 27.01 billion, dropping to 17.90 billion in 2023, with a forecast of 9.74 billion for 2024 [5]. - EBITDA for 2022 was 41.83 billion, decreasing to 32.80 billion in 2023, with a projected 22.47 billion for 2024 [5]. Industry Position - The company is a major platform for the Poly Group in real estate development, benefiting from strong brand recognition and market position [4][8]. - Despite a 23.49% decline in sales in 2024, the company maintained its leading industry position, ranking first in total sales for two consecutive years [12][22]. - The company focuses on core urban areas for land reserves, with a total building area of 125.74 million square meters as of the end of 2024 [12]. Risk Factors - The real estate industry faces challenges such as market demand fluctuations and project management pressures, particularly in areas with significant market downturns [4][6]. - The company is actively working on optimizing its land use through various strategies, including land conversion and withdrawal, to mitigate risks associated with unsold inventory [12][22]. Financing and Cash Flow - The company primarily relies on bank loans for financing, with a comprehensive financing cost decreasing to 3.1% by the end of 2024 [12][22]. - As of the end of 2024, the company had a total bank credit limit of 750 billion, with 314.9 billion remaining unused, indicating strong liquidity [15][22]. Future Outlook - The company anticipates a slight decline in real estate sales and investment in 2025, with revenue expected to decrease marginally [18][20]. - The overall economic environment is projected to improve, with supportive policies expected to bolster the real estate sector [8][9].

Group 1 - The international credit rating agency Fitch Ratings has reaffirmed Akropolis Group's long-term borrowing rating at BB+ with a stable outlook for the fifth consecutive year, indicating the company's financial robustness [1] - The stable performance of Akropolis Group is highlighted by growing rental income and a strong position in the Baltic shopping centre market, reflecting financial soundness and a sustainable business model [2] - Akropolis Group's first credit ratings were assigned by S&P Global Ratings and Fitch Ratings in May 2021, and the company successfully placed its first EUR 350 million 5-year green bond issue in May 2025 [3] Group 2 - Akropolis Group reported rental income of EUR 91.4 million and EBITDA of EUR 87.8 million for the last year, representing increases of 9% and 6% respectively compared to 2023 [4]

Core Viewpoint - The credit rating agency maintains the credit rating of Chongqing Yukaifa Co., Ltd. at AA with a stable outlook, indicating no substantial changes in credit quality during the tracking period [1][3]. Group 1: Company Overview - Chongqing Yukaifa Co., Ltd. primarily engages in real estate development, with its operations concentrated in Chongqing, resulting in a smaller scale of business [1][10]. - The company has received continuous support from its controlling shareholder, Chongqing Urban Investment Group, through loans and guarantees [1][10]. - The company’s financial structure remains stable, with low financial leverage over recent years [1][10]. Group 2: Financial Performance - The company reported a significant decline in operating revenue, with a 70.79% year-on-year decrease in 2024 due to reduced project turnover [9][10]. - The company’s total assets as of the end of 2022 were 1,753.83 billion, with total liabilities at 732.13 billion, indicating a debt ratio of approximately 41.57% [5]. - The net profit for 2024 was negative, primarily due to decreased revenue from real estate project turnover and increased costs in the exhibition business [10]. Group 3: Market Conditions - The real estate market in Chongqing has been under pressure, with a decline in both new construction and sales volumes from 2022 to 2024 [8][10]. - The company faces challenges in project sales and cash flow, with a slow project turnover rate and significant pressure on cash flow balance [1][10]. - Recent policy adjustments in Chongqing aim to stabilize the real estate market, including measures to support home purchases and optimize housing policies [7][8]. Group 4: Future Outlook - The company plans to issue up to 700 million yuan in stock to raise funds for real estate projects and improve liquidity, with the issuance not affecting control [1][10]. - The credit rating agency expects the company's credit quality to remain stable over the next 12 months, maintaining a stable outlook [3].

Core Viewpoint - The credit rating agency, China Chengxin International, has assigned an "AA" rating to Qingdao Aucma Holdings Group Co., Ltd, highlighting its strong market competitiveness in the refrigeration industry and the benefits of its recent consolidation with Qingdao Hai'ao Chip Industry Development Co., Ltd [1][2]. Group 1 - The company has a complete refrigeration industry chain and possesses several core refrigeration technologies, which contribute to its competitive edge in the market [1]. - The quality of customers in the commercial cold chain sector is noted to be superior, enhancing the company's market position [1]. - The inclusion of Hai'ao Chip Industry in the consolidated financials is expected to improve the company's equity and financial leverage indicators [1]. Group 2 - The company was established in January 2017 with a registered capital of 970 million yuan, and its controlling shareholder changed to Haifa Group in February 2021 [2]. - The main business areas of the company include refrigeration appliances, household appliances, washing machines, and air conditioners, with total revenue of 13.207 billion yuan in 2024 [2]. - China Chengxin International anticipates that the credit level of Qingdao Aucma Holdings will remain stable over the next 12 to 18 months [2].