March 28, 2017 / 10:12 AM / 5 months ago

惠譽授予遠東宏信‘BBB-’的評級

(The following statement was released by the rating agency) HONG KONG/TAIPEI, March 28 (Fitch) 本文章英文原文最初於2017年3月21日發布于:<a href="https://www.fitchratings.com/site/pr/1020888">Fitch Publishes Far East Horizon's 'BBB-' Rating 惠譽評級已授予中國的遠東宏信有限公司(遠東宏信)‘BBB-’級的長期發行人違約評級和‘F3’級的短期發行人違約評級,展望穩定。 按照資產衡量,遠東宏信是中國第五大租賃公司,並且是規模最大的獨立租賃公司之一。遠東宏信在中國租賃市場約占3%的市場份額。其主要股東包括中化集團(23.3%)、中 國民生投資股份有限公司(13.4%)、國泰人壽保險有限責任公司(9.2%)、以及副董事長兼首席執行官孔繁星先生(7.2%)。其餘股份由公眾持有。 關鍵評級驅動因素 遠東宏信的評級驅動因素包括其適當的風險胃納(主要特點為高效的租賃審批政策和流程、審慎的風險管控及對於市場風險的嚴格管理)。該評級也反映了公司良好的資金和流動性狀 況、資產質量和市場地位。遠東宏信的穩定管理團隊執行了完善的戰略,並實現了其商業目標和財務目標。公司的戰略具有一致性,有利於其市場地位和企業文化的穩步發展。 遠東宏信具有制度化、規定清晰的風險管理體系。公司的風險管控能力逐步提升,資產質量穩健,優於中資銀行平均水平。過去幾年內沒有發生重大管控或合規事件。公司市場風險敞 口的風險胃納適中,並將利率和匯率風險敞口保持在較低水平,同時還積極管理其資產負債匹配。 公司通過獲取多元化的融資途徑不斷改善融資基礎。成功建立的市場地位令公司能夠靈活地在債券市場發債。例如,遠東宏信是中國最大的資產抵押證券發行人之一,2015年和2 016年共有14筆發行,總發行金額達350億人民幣,約占資產抵押證券市場發行總額的24%。遠東宏信還在境內和境外市場具有多元化的債務發行。 惠譽預計遠東宏信將維持良好的資產質量,反映在公司著重於非周期性及民生相關行業、具有多元化的融資組合、並且具有嚴格的租賃審批風險管控。公司的應收賬款組成體現出公司 注重在國內消費相關行業和公共服務行業的戰略,此類行業的周期性較低、具有可靠的現金流、並且與政府政策和人口趨勢吻合。2012年至2016年6月期間,遠東宏信主要的 應收賬款來源於在醫療、教育、及基礎設施領域,占比在54%-56%的範圍之內。2010年至2016年6月期間,遠東宏信的不良資產比率維持在0.6%-1.0%的健康 水平,減值損失保持在100bp以下。由於遠東宏信對其不良資產的回收率較高,實際損失遠低於此。 公司已經打造成為中國最大的租賃公司之一,在醫療和教育領域具有領先地位。遠東宏信填補了小額租賃項目(如醫院設備)的市場缺口,而其他大型租賃公司大部分是其國有銀行母 公司的融資平台,主要針對大額租賃項目,如飛機和基礎設施項目。遠東宏信還利用其在多個行業內的經驗和專長,提供咨詢和經紀服務,由此轉型成為具有競爭力的一站式解決方案 公司,而不僅是單純的融資公司,幫助公司取得了大量的非利息收入,並增強了客戶忠誠度。我們認為此類附加價值服務有助於公司在激烈的競爭中保護盈利能力和客戶基礎。 遠東宏信發行人違約評級的展望為穩定,反映出惠譽預計其業績和戰略將保持不變。 評級敏感性 惠譽短期內上調其評級的機會不大。然而,如果遠東宏信的融資狀況出現重大改善,包括確保穩定的資金池、以及市場地位廣泛提升,則有可能觸發評級上調。 如果遠東宏信的業務模型發生機會性轉變,變得更加冒險,而風險緩衝沒有相應增加,則惠譽可能下調其評級。中國的運營環境不斷發展且穩定性較低,可能限制公司信用實力的改進 ,並可能削弱公司的融資實力。 聯繫人: 首席分析師 Leo Wah(華志行), CFA 董事 +852 2263 9951 惠譽國際評級有限公司 香港中環德輔道中68號 萬宜大廈19樓 第二分析師 Katie Chen(陳冠如) 董事 +886 2 8175 7614 評級委員會主席 Mark Young 董事總經理 +65 6796 7229 相關評級委員會日期:2017年3月8日 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。 Applicable Criteria Global Non-Bank Financial Institutions Rating Criteria (pub. 10 Mar 2017) here Global Non-Bank Financial Institutions Rating Criteria -- Effective July 15, 2016 – March 10, 2017 (pub. 15 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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