June 30, 2017 / 6:23 AM / a month ago


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(The following statement was released by the rating agency) TAIPEI/SINGAPORE, June 30 (Fitch) 本文章英文原文最初于2017年6月29日发布于:<a href="https://www.fitchratings.com/site/pr/1025907">Fitch Affirms Fenghui Leasing at 'B'; Outlook Stable 惠誉评级确认中国的丰汇租赁有限公司(丰汇)的长期发行人违约评级与短期发行人违约评级为‘B’级,展望稳定。 惠誉同时确认由Silver Sparkle Limited(Silver Sparkle)发行的高级无抵押票据‘B’ 的评级及其回收率评级‘RR4’,Sliver Sparkle是代表丰汇在海外发行票据的特殊目的机构。 丰汇是于中国注册的内资租赁公司,于2009年底开展租赁业务。公司提供设备租赁和委托贷款服务予全中国的客户。2017年第1季度末设备租赁和委托贷款服务分别占总贷款 的77%和23%。 关键评级驱动因素 发行人违约评级,高级票据评级,及回收率评级 丰汇的发行人违约评级反映出相较于其他较高评级者较高的风险偏好及偏弱的资金和流动性水平。丰汇的资产增速比行业平均快,并超过其内部资本形成的增长。丰汇依赖资产证券化 及信托和理财产品融资,其稳定性易受相关贷款资产质量及中国流动性易波动的影响。公司的营运模式以短支长且具流动性缺口,然丰汇于过去一年中已逐渐多元化其融资渠道。 丰汇的市场地位于中国竞争且分散的租赁市场中尚属温和。管理团队于丰汇的经营绩效尚短,且尚未经过景气循环的考验。过去一年,公司针对风险管理框架作出改善和强化,其内容 包括设立独立的风控官制度。然丰汇的集中度风险仍然显着。在2017年第1季度末,公司的前10大客户贷款余额相较丰汇的股东权益比高达146%。该公司迅速的资产增长亦 使不良资产比率下降,然该公司的贷款服务仍具较高的集中度且并未完全经过行业景气循环的测试。 丰汇依赖来自股东的资本金注入以支撑其成长。该公司快速的资产增长导致其股东权益对资产比率由2015年底的23.4%下降至2017年第一季度末的15.9%。股东在2 016年末表示将对丰汇增资额外20亿人民币,其中5亿已经于2016年底完成注资,而余下的15亿预期也将在2017年第3季度到位。考虑预期的15亿增资,2017年 第1季度末的股东权益对资产比将达到21.4%。 丰汇的评级受惠于公司的高盈利能力、逐渐多元的融资渠道以及适当程度的抵押资产。然而,公司的高盈利能力可能无法全面地反应贷款总规模快速增长的内在风险,并可能在经济衰 退或市场面临压力时,无法持续。 Silver Sparkle发行的担保票据构成丰汇的一般、无抵押和非次级债务,并将与丰汇的其他所有现有及未来的无抵押和非次级债务具有同等位次。该票据的评级与丰汇的长期发行人违 约评级相当,回收率评级为’RR4’,反映其平均的回收水准。 评级敏感性 发行人违约评级,高级票据评级,及回收率评级 资金和流动性水平以及风险偏好的持续改善,可能反映在资产增速放缓上,将触发正向评级行动。 流动性以及资产质量的恶化,包含升高的抵押资产和再融资风险,将可能导致评级下调。 因Silver Sparkle发行的高级票据是由丰汇提供担保,若该担保者之评级有任何调整将对该票据评级造成直接影响。此外,该票据的评级亦受回收率评级变化的影响,取决于发行金额较 担保者之非抵押资产的高低与其回收水准。 联系人: 首席分析师 Shirley Hsu(许书瑜) 联席董事 +886 2 81757606 澳洲商惠誉有限公司台湾分公司 台北敦化北路205号13层1306室 Katie Chen(陈冠如) 董事 +886 2 81757614 评级委员会主席 Mark Young 董事总经理 +65 6796 7229 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 Applicable Criteria Country-Specific Treatment of Recovery Ratings (pub. 18 Oct 2016) here Global Non-Bank Financial Institutions Rating Criteria (pub. 10 Mar 2017) here Additional Disclosures Solicitation Status here#solicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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