According to different rating objects, credit rating can be divided into two types: subject credit rating and bond credit rating. Subject credit rating is the credit rating of an enterprise or economic subject.
abstract
The main credit rating is based on "long-term", so the factors affecting the long-term and short-term solvency of enterprises in the future are the factors to be investigated when conducting the main credit rating of enterprises or the credit rating of credit enterprises. It mainly includes external factors such as industrial policies and regulatory measures, as well as internal factors such as basic business risks, management capabilities, development strategies and financial strength (including financial policies, cash flow, liquidity, profitability and financial flexibility).
Action level
1. The credit rating of credit enterprises is one of the main credit ratings, and it is also the most important credit rating category of general enterprises in China. The rating target is the bank borrowing enterprise. The concept of credit rating of credit enterprises is different from that of bond credit rating, which determines that their service objects are different. The credit rating of credit enterprises is aimed at commercial banks or relevant regulatory agencies, and the credit rating of bonds is aimed at bond investors. Although they are aimed at different investors, their functions and functions are essentially the same, and they are all aimed at reducing the information asymmetry between rating targets and investors, promoting the effective allocation of resources and improving the efficiency of market operation.
2. The main credit rating, that is, the enterprise credit rating is divided into three grades and nine grades, such as AAA, AA, A, BBB, BB, B, CCC, CC and C. A legal person enterprise registered in China and holding a loan card issued by the People's Bank of China can apply to participate in the credit rating of borrowing enterprises.
Evaluation method
1, and bond rating is based on the investigation of the issuer's credit ability, combined with bond terms and external support factors that can be repaid, to judge its comprehensive debt repayment guarantee ability. Bonds here are divided into long-term bonds and short-term bonds. For short-term bonds (such as short-term financing bonds), due to their short maturity (generally within 1 year), factors that affect their short-term solvency (such as liquidity, cash flow, etc.) will be given higher weight in the rating.
2. The investigation of bond terms mainly focuses on bond scale, term, repayment method, repayment order, use of raised funds, specific debt repayment guarantee measures, etc. The investigation of external support factors mainly focuses on whether the bonds are guaranteed, government support and other credit enhancement measures, which are the key factors affecting the severity of the final default losses of bonds.