June 15, 2017 / 2:41 AM / in 4 months


(The following statement was released by the rating agency) TAIPEI/HONG KONG, June 14 (Fitch) 本文章英文原文最初於2017年5月22日發布于:<a href="https://www.fitchratings.com/site/pr/1024061">Fitch: Chinese Leasing Companies' Rapid Growth Set to Continue 中國的租賃行業在過去十年內快速擴張,惠譽評級預計,在有利的監管環境以及政策支持下,這一趨勢將會持續。租賃公司的擴張導致其在國際資本市場上的債務發行量增加,為融資 期限較長的資產(如飛機、交通、基礎設施和重型機械)提供資金。 特別是中資銀行的金融租賃子公司快速擴張,已成為該行業中規模最大的參與者,租賃行業整體規模由2009年不足200家租賃公司,增長到目前已有超過7000家。銀行系金 融租賃子公司具有來自母公司的資本和資金支持,這有助於推動其增長。 惠譽為數家中國規模最大的租賃公司提供評級。所有由惠譽提供評級的中資銀行金融租賃子公司的發行人違約評級均基於惠譽對其將獲得各自母公司以及最終來自國家的較高水平支持 的預期。金融租賃子公司的公司狀況及資金安排均與其母公司緊密相關,並且被認為是其母公司旗下的核心子公司。 銀行系金融租賃子公司還獲得其他形式的支持,即銀監會要求銀行在必要時需為其金融租賃子公司提供資本和流動性支持,這已體現在金融租賃子公司的公司章程中。因此,如果這些 銀行的核心子公司發生任何違約事件,將會對其母公司構成重大名譽風險,並可能損害銀行的品牌及市場地位。 此外,這些銀行系金融租賃子公司與其母公司的業務、運營和風險管理系統高度整合,風險偏好和授信審批標準也與其母公司緊密一致。由於母公司為子公司的全資或持有多數股權的 股東,因此子公司的公司治理也高度受到母公司的影響。 銀行系金融租賃子公司高度依賴短期銀行貸款資金,但他們獲益於母公司支持,緩解了流動性和再融資風險。監管機構已經放寬限制,允許金融租賃公司發展多元化的融資渠道。由惠 譽提供評級的金融租賃子公司亦利用擔保或維好結構通過其海外子公司在境外資本市場發債。債券發行量與銀行貸款相比仍然不大,但是在逐漸增長,我們也預計租賃公司將增加使用 資產支持證券和債券來改善融資結構。 聯繫人: Katie Chen(陳冠如) 董事 +886 2 8175 7614 澳洲商惠譽有限公司台灣分公司 台北敦化北路205號13層1306室 Jonathan Lee(李信佳) 高級董事 +886 2 8175 7601 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 Related Research Chinese Bank Leasing Subsidiaries here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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