日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Yunnan finance vehicles on credit watch

Updated: 2011-07-29 10:57

By Jason Subler (China Daily)

  Comments() Print Mail Large Medium  Small 分享按鈕 0

SHANGHAI - A top Chinese credit ratings agency has put two local government financing vehicles in the southwestern province of Yunnan on credit watch, the first such move since concerns mounted over potential defaults on local government debt.

China Chengxin International, which is 49 percent owned by Moody's, said it was taking the step because certain assets of the related entities - Yunnan Investment Holdings Group (YIHG) and Yunnan Electric Power Investment (YEPI) - were expected to be transferred or restructured.

Putting companies' ratings on watch is very rare in China's fledgling bond market. The step by Chengxin, one of the country's four main ratings agencies, could be the first of many and raises concerns over whether the bond market, as well as banks, will see a wave of defaults by the entities local governments have set up to raise cash to fund infrastructure projects.

Bonds issued by such local government financing vehicles have already fallen in recent weeks over concerns about their ability to repay their debt.

"The move is not surprising as risks in such debt have already been anticipated by the market and fully priced in," said Wu Zezhi, a trader at Orient Securities Co.

"It's possible that more such debt will be put on credit watch, and if you look at the market, many have already slumped as there are no investors buying."

Chengxin did not give details on the expected asset transfers, but IFR, a Thomson Reuters publication, reported earlier this month that YIHG, the biggest fundraising platform for the Yunnan government, was being asked to transfer its core assets to a separate government-linked entity.

The core assets of that company include a stake of more than 54 percent in YEPI as well as other electric power-related assets, IFR reported, adding that they would be transferred to Yunnan Energy Investment Group, a new government-linked entity.

"We will continuously watch the asset transfers related to Yunnan Investment Holdings, the plan and progress of restructuring of Yunnan's provincial electricity assets, as well as measures to guarantee creditors' interests," Chengxin said in its statement.

As a result of putting YIHG on credit watch, Chengxin also put two specific bonds on watch - one issued by YIHG itself and another issued by Yunnan Railway Investment Company. Those bonds currently have AA+ ratings, Chengxin's second-highest investment-grade rating.

Reuters

主站蜘蛛池模板: 亚洲小视频在线 | 欧洲黄视频 | 在线观看国产黄 | 午夜伦理在线 | 一区二区在线观看视频 | 国产在线视频一区二区三区 | 伊人www| 国产精品主播一区二区 | 欧美日韩中文字幕在线 | 色妹子影院 | 国产精品第 | 欧美性另类 | 成人国产精品一区二区 | 免费在线观看小视频 | 亚洲在线观看免费 | 亚洲午夜18毛片在线看 | 亚洲一级黄色录像 | 97视频免费看 | 成年人在线观看网站 | 伊人网中文字幕 | 亚洲午夜免费视频 | 夜夜操综合 | 蜜桃视频在线入口www | 深夜国产 | 毛片av免费看 | 亚洲美女激情视频 | 国产视频第二页 | 三级网站免费 | 久久久久久久精 | 久久草精品 | aaaa黄色片| 日本天堂中文字幕 | 777久久久| 日韩在线中文字幕 | 成人欧美一区 | 黄色片视频在线观看 | 亚洲视频中文字幕在线观看 | 国产日韩av在线 | 亚洲永久在线 | 日韩成人区 | 欧美成人免费视频 |