In the last week of last year, 16 companies were rated, and 5 companies were downgraded or put on the watch list.

Author | Wei Xinquan

This issue is the last rating observation before the Spring Festival in 221. In this issue, we paid attention to the credit ratings of 16 companies. However, unlike the previous credit ratings, which were basically AAA ratings, the biggest highlight of this rating was that five companies were downgraded or included in the credit rating watch list. The remaining 11 companies, we think these companies also have their own difficulties. For example, receivables and other receivables account for a large proportion of current assets, and some have affected the company's operations, but the company is still supporting.

joint credit: the creditor applied for reorganization and lowered the credit rating of Xiangpeng Airlines to BB

On February 1, the joint credit rating company limited (hereinafter referred to as "joint credit") issued an announcement on the credit rating of Yunnan Xiangpeng Airlines Co., Ltd. (hereinafter referred to as "Xiangpeng Airlines"), and lowered the credit rating of Xiangpeng Airlines from AA- to BB.

The announcement said that Hainan Airlines Holdings Limited (hereinafter referred to as "HNA Holdings"), the controlling shareholder, was affected by the creditor's application for reorganization. The creditor Kunming Fei 'an Aviation Training Co., Ltd. applied to the court for reorganization because of its lack of solvency and inability to pay off its due debts. There is uncertainty whether it will enter the reorganization procedure. Affected by the above factors, Lianhe Credit downgraded Xiangpeng Airlines' main credit rating from AA- on July 3, 22 to BB, and its rating outlook was negative. The credit ratings of "17 Xiangpeng MTN1" and "17 Xiangpeng 1" were also downgraded from AA- on July 3, 22 to BB.

Joint Credit: The occupied assets exceed 77%, and the project under construction has just started, and Taizhou Riverside is under payment pressure

On February 1st, Joint Credit released its latest rating report on Taizhou New Riverside Development Co., Ltd. ("Taizhou Riverside" for short). This time, the main credit rating of Taizhou Binjiang is AA, which is consistent with the last rating (July 1, 22). The credit rating of "2 Taizhou Binjiang CP1" is A-1, which is consistent with the last rating (July 1, 22), and the rating outlook is stable.

The actual controller of Taizhou Binjiang is Taizhou State-owned Assets Supervision and Administration Commission. From 219 to the end of 22, the company received a financial subsidy of 46 million yuan from the government. From 217 to 219, the operating income was 1.283 billion yuan, 1.426 billion yuan and 1.658 billion yuan respectively, and the total profit was 652 million yuan, 367 million yuan and 325 million yuan respectively. In the past three years, its operating situation is not good, its operating income and total profit are fluctuating, and subsidies are an important supplement to profits, so it is necessary to improve profitability.

By September 22, the current assets of Taizhou Binjiang were 32.547 billion yuan, including 4.261 billion yuan in monetary funds, 25.148 billion yuan in inventory and other receivables, accounting for 7.727% of the current assets and 4.723 billion yuan in restricted assets. At the end of the same period, it planned to invest 5.2 billion yuan in urban construction infrastructure projects under construction and proposed projects, with 4 million yuan invested and 4.8 billion yuan needed.

in terms of debt, as of January 12, 221, the debts of Taizhou Binjiang due in the next year totaled 2.95 billion yuan, which will bring great repayment pressure. In addition, by the end of September 22, its external guarantee amount was 8.981 billion yuan, with a guarantee rate of 76.81%, or it faced certain debt risks.

United Credit: The business situation is poor and the investment scale is huge, so Tianjin Metro needs to face financing pressure

On February 1st, United Credit released its latest rating report on Tianjin Metro Group Co., Ltd. (referred to as "Tianjin Metro"). This time, the main credit rating of Tianjin Metro is AAA, and the debt credit rating of "2 Tianjin Metro CP1" is A-1, which are consistent with the results of the last rating (June 23, 22), and the rating outlook is stable.

The main business of Tianjin Metro is subway operation and subway resource development. From 217 to 219, its operating income was 1.366 billion yuan, 1.17 billion yuan and 1.193 billion yuan respectively, and its total profit was 814 million yuan, 846 million yuan and 18 million yuan respectively. In the past three years, its business situation has been poor, and its operating income and profits have always increased with fluctuations. The financial subsidy given by the government is an effective supplement to profits. From January to September 22, it received 1.244 billion yuan from the government, accounting for 93.22% of the total profits in the current period.

as of September, 22, its limited assets are 1.151 billion yuan, the planned investment of subway construction projects under construction is 17.324 billion yuan, 47.522 billion yuan has been invested and 122.82 billion yuan needs to be invested, and the planned investment of real estate projects under construction is 3.284 billion yuan, 1.29 billion yuan has been invested and 2.255 billion yuan needs to be invested. Its investment scale is large and it faces certain financing pressure.

Joint Credit: The stable operating profit fluctuates greatly, and the short-term debt accounts for a high proportion. Weihai Investment may have repayment pressure

On February 3, Joint Credit released the latest rating report on Weihai Industrial Investment Group Co., Ltd. (hereinafter referred to as "Weihai Investment"). This time, the main credit rating of Weihai Investment Company is AA+, and the debt credit rating of "2 Weihai Investment Company CP1" is A-1, which are consistent with the previous rating results, and the rating outlook is stable.

the actual controller of weihai investment is weihai state-owned assets supervision and administration commission. From 217 to 219, its operating income was 4.57 billion yuan, 8.144 billion yuan and 8.737 billion yuan respectively, and its total profit was 471 million yuan, 238 million yuan and 437 million yuan respectively. In the past three years, its business situation is good, and its operating income has grown steadily, but its total profit has shown a fluctuating growth.

in terms of government subsidies and credit lines, it received a financial subsidy of 13 million yuan from the government in 219. By the end of September, 22, its credit line was 13.354 billion yuan, and its unused credit line was 5.164 billion yuan.

as of September 22, its restricted assets were 2.284 billion yuan, accounting for 6.51% of the total assets. The total debt is 15.94 billion yuan, of which the short-term debt is 8.17 billion yuan, accounting for 5.41% of the total debt. It is reported that from 221 to 223, its debt due will be 9.589 billion yuan. Its debt is mainly short-term, so it needs to optimize its debt structure, and it faces great repayment pressure in the short term. In addition, its external guarantee amount is 1.55 billion yuan.

Joint Credit: Chalco International was included in the credit watch list due to poor business conditions and large short-term debts

On February 3, Joint Credit issued an announcement to include Chinalco International Engineering Co., Ltd. (hereinafter referred to as "Chinalco International") in the credit watch list.

According to the announcement, due to the epidemic, Chinalco International's main business income has fallen sharply, and it is also facing downward pressure on profitability. From January to September 22, its profit was-5 million yuan, down 119.67% from the same period in 219. By the end of September 22, its total debt was 16.52 billion yuan, of which short-term debt was 9.717 billion yuan, accounting for 6.53% of the total debt. Short-term debt accounts for a large proportion and faces greater repayment pressure. Because some customers are facing difficulties in their ability to pay, they need to withdraw large-scale funds for preparation, which has a certain impact on asset liquidity. China Aluminum Group Co., Ltd. (hereinafter referred to as "Chinalco Group") provides full, unconditional and irrevocable joint liability guarantee for "19 Zhonggong Y1", which effectively guarantees the payment of bonds in this period. United Credit will include its main credit rating in the credit rating watch list, and the credit rating of "19 Zhonggong Y1" debt is AAA.

Joint Credit: The liquidity of assets is weak, and the investment scale is large, so Chang Gaoxin has the pressure of centralized payment

On February 3rd, Joint Credit released its latest rating report on Chang Gaoxin Group Co., Ltd. (hereinafter referred to as "Chang Gaoxin"). This time, Chang Gaoxin's main credit rating is AAA, which is consistent with the last rating (September 25, 22). The credit rating of "2 Chang Gaoxin CP1" is A-1, which is consistent with the last rating (August 3, 22), and the credit rating of "2 Chang Gaoxin CP2" is A-1, which is the same as the last rating (22

Chang Gaoxin is the main body of infrastructure construction in Changzhou and Changzhou High-tech Zone. From 217 to 219, its operating income was 1.554 billion yuan, 11.16 billion yuan and 11.653 billion yuan respectively, and its total profit was 63 million yuan, 872 million yuan and 1.261 billion yuan respectively. By the end of September 22, its total assets were 93.624 billion yuan, monetary funds were 9.454 billion yuan, and inventory, accounts receivable and other receivables were 6.819 billion yuan, accounting for 81.54% of current assets; Its credit line was 47.7 billion yuan, and its unused credit line was 18.66 billion yuan.

By the end of September, 22, it had participated in four ppp mode projects, with a total investment of 4.21 billion yuan, an investment of 1.923 billion yuan and an investment of 2.287 billion yuan. The resettlement housing project under construction has a total investment of 3.9 billion yuan, of which 948 million yuan has been invested and 2.952 billion yuan needs to be invested. The total investment of real estate projects under construction is 13.875 billion yuan, of which 8.716 billion yuan has been invested and 5.159 billion yuan needs to be invested.

In addition, Lianhe Credit pointed out that from October to December, 22, and from 221 to 222, the maturity of bonds amounted to 29.885 billion yuan, which was under great pressure of centralized payment.

United Credit: The investment scale is large, and the environmental protection policy puts pressure on cost control. Tianfu Group or the risk of imminent liabilities

On February 5th, United Credit released its latest rating report on Xinjiang Tianfu Group Co., Ltd. (hereinafter referred to as "Tianfu Group"). This time, Tianfu Group's main credit rating is AA+, and its debt credit ratings of "2 Tianfu CP1" and "2 Tianfu CP2" are both A-1, which is consistent with the last rating (July 31, 22) and the rating outlook is stable.

Tianfu Group is an important infrastructure operator in Shihezi City. In 219, it replaced the equity of hydropower generation with garbage power generation to increase its hydropower generation capacity and effectively adjust the power structure. By the end of September 22, its cash assets were 6.296 billion yuan, 6.3 times that of short-term financing bonds, which effectively guaranteed the payment of short-term financing bonds.

From 217 to 219, Tianfu Group's operating income was 8.448 billion yuan, 11.75 billion yuan and 21.37 billion yuan respectively, and its total profit was 253 million yuan, 216 million yuan and-168 million yuan respectively. In the past three years, its operating income has increased steadily, but its profit has continued to decline, and its profitability needs to be improved. United Credit pointed out that due to the environmental protection policy of the coal industry in Xinjiang, the price of coal and transportation in the region has risen, and it is facing greater cost control pressure.

By the end of September 22, Tianfu Group's restricted assets were 4.389 billion yuan, accounting for 9.45% of the total assets, and its total debts were 28.64 billion yuan, of which short-term debts were 13.975 billion yuan, accounting for 49.8% of the total debts. It needs to optimize the debt structure, and faces certain centralized repayment pressure; The planned investment of the project under construction is 7.199 billion yuan, of which 4.917 billion yuan has been invested, and another 2.282 billion yuan is needed, which will face certain investment pressure.

By the end of 219, other receivables of Tianfu Group amounted to 2.168 billion yuan, mainly related party transactions and deposits. Other receivables are large in scale, occupying funds, and there are certain risks in asset management and control. By the end of September 22, its external guarantee amount was 2.321 billion yuan, and it may face certain compensation risks.

China Chengxin: The short-term debt accounts for a large proportion, the land reserve is insufficient, and Blu-ray Development has a great pressure of centralized repayment

On January 29th, China Chengxin International Credit Rating Co., Ltd. (hereinafter referred to as "China Chengxin") released its latest rating report on Sichuan Blu-ray Development Co., Ltd. (hereinafter referred to as "Blu-ray Development"). This time, the main credit rating of Blu-ray Development is AA+, and the credit rating of "2 Blu-ray CP1" is A-1, which are consistent with the results of the last rating (June 22, 22), and the rating outlook is stable.

Blu-ray Development is an early enterprise engaged in real estate development in China, and its business can be divided into five aspects: real estate development, pharmaceutical manufacturing, modern service industry and others. From 217 to 219, its operating income was 24.553 billion yuan, 3.821 billion yuan and 39.194 billion yuan respectively, and its net profit was 1.251 billion yuan, 2.496 billion yuan and 4.159 billion yuan respectively. In the past three years, it is in a growth period, with an upward trend in sales performance, and steady growth in operating income and net profit.

By the end of September, 22, its monetary fund was 24.933 billion yuan, and its total debt was 74.679 billion yuan, of which short-term debt was 34.95 billion yuan, accounting for 46.74% of the total debt. Its debt maturity structure needs to be optimized, and it faces certain centralized repayment pressure. It is reported that the scale of the land it stores is slightly insufficient, and it may face certain capital expenditure pressure when adding land in the future. Affected by the real estate industry's regulatory policies such as the city's policy, the industry's profit space has been narrowing, and its profitability will be affected.

China Chengxin: The scale of receivables is too large, and the credit line is used up by 3/4, so there is payment pressure on Xining City Investment Management Co., Ltd. (hereinafter referred to as "Xining City Investment"). On February 3, China Chengxin released its latest announcement on the credit rating of Xining City Investment Management Co., Ltd. This time, the main credit rating of Xining Chengtou is AA+, which is consistent with the last rating (July 28, 22). The credit rating of "2 Xining Chengtou CP2" is A-1, which is consistent with the last rating (July 28, 22), and the rating outlook is stable.

The business sectors of Xining Chengtou involve water supply, finance, real estate and property rental, public transportation and supporting services, maintenance of municipal facilities, tourism and catering services, etc. The amount of government debt included in its debt is 2.967 billion yuan.

From 217 to 219, the operating income of Xining City Investment was 1.152 billion yuan, 1.2 billion yuan and 1.647 billion yuan respectively.