2022-11-22 15:23:41 +08:00
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{
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"得分级别标准": {
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"AAA": 98,
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"AA+": 96,
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"AA": 94,
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"AA-": 92,
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"A+": 90,
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"A": 88,
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"A-": 86,
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"BBB+": 84,
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"BBB": 82,
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"BBB-": 80,
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"BB+": 78,
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"BB": 76,
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"BB-": 74,
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"B+": 72,
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"B": 70,
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"B-": 68,
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"CCC": 66,
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"CC": 64,
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"C": 62
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},
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"档位得分标准": {
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"第一档": 1,
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"第二档": 5,
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"第三档": 11,
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"第四档": 17,
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"第五档": 23,
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"第六档": 29,
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"第七档": 33,
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"第八档": 37
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},
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"指标及权重": [
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{
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2022-12-30 13:41:51 +08:00
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"指标": "业务稳定性",
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2022-11-22 15:23:41 +08:00
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"指标类型": "定性指标",
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"一级指标": "业务状况",
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"二级指标": "业务稳定性",
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"档位": {
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"第一档": "地方政府将相关领域的大量专营性业务授权给公司运营",
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"第二档": "地方政府将相关领域的主要专营性业务授权给公司运营",
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"第三档": "地方政府将相关领域的较多专营性业务授权给公司运营",
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"第四档": "地方政府将相关领域的一定量专营性业务授权给公司运营",
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"第五档": "地方政府将相关领域的部分专营性业务授权给公司运营",
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"第六档": "地方政府将相关领域的少量专营性业务授权给公司运营",
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"第七档": "地方政府授权给公司运营的专营性业务较少",
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"第八档": "地方政府授权给公司运营的专营性业务很少"
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},
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"权重": 20
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},
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{
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2022-12-30 13:41:51 +08:00
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"指标": "业务公益性",
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2022-11-22 15:23:41 +08:00
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"指标类型": "定性指标",
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"一级指标": "业务状况",
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"二级指标": "业务公益性",
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"档位": {
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"第一档": "公益性业务占比极高",
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"第二档": "公益性业务占比很高",
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"第三档": "公益性业务占比高",
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"第四档": "公益性业务占比较高",
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"第五档": "公益性业务占比一般",
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"第六档": "公益性业务占比较低",
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"第七档": "公益性业务占比低",
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"第八档": "公益性业务占比很低"
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},
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"权重": 20
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},
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{
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2022-12-30 13:41:51 +08:00
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"指标": "融资渠道",
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2022-11-22 15:23:41 +08:00
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"指标类型": "定性指标",
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"一级指标": "融资能力",
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"二级指标": "融资渠道",
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"档位": {
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"第一档": "融资渠道极畅通",
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"第二档": "融资渠道很畅通",
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"第三档": "融资渠道畅通",
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"第四档": "融资渠道较畅通",
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"第五档": "融资渠道尚可",
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"第六档": "融资渠道一般",
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"第七档": "融资渠道受限",
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"第八档": "基本无融资渠道"
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},
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"权重": 20
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},
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{
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2022-12-30 13:41:51 +08:00
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"指标": "所有者权益(亿元)",
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2022-11-22 15:23:41 +08:00
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"指标类型": "定量指标",
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"一级指标": "资本结构",
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"二级指标": "所有者权益(亿元)",
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"档位": {
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"第一档": "[500,+inf)",
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"第二档": "[300,500)",
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"第三档": "[100,300)",
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"第四档": "[40,100)",
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"第五档": "[20,40)",
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"第六档": "[10,20)",
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"第七档": "[5,10)",
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"第八档": "(-inf,5)"
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},
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"权重": 15
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},
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{
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2022-12-30 13:41:51 +08:00
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"指标": "总债务资本化比率(%)",
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2022-11-22 15:23:41 +08:00
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"指标类型": "定量指标",
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"一级指标": "资本结构",
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"二级指标": "总债务资本化比率(%)",
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"档位": {
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"第一档": "[0, 30]",
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"第二档": "(30,50]",
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"第三档": "(50,60]",
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"第四档": "(60,70]",
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"第五档": "(70,75]",
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"第六档": "(75,80]",
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"第七档": "(80,85]",
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"第八档": "(85,+inf)"
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},
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"权重": 15
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},
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{
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2022-12-30 13:41:51 +08:00
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"指标": "EBITDA利息保障倍数(倍)",
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2022-11-22 15:23:41 +08:00
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"指标类型": "定量指标",
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"一级指标": "偿债能力",
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"二级指标": "EBITDA利息保障倍数(倍)",
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"档位": {
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"第一档": "[8,+inf)",
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"第二档": "[4,8)",
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"第三档": "[2,4)",
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"第四档": "[1,2)",
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"第五档": "[0.4,1)",
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"第六档": "[0.1,0.4)",
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"第七档": "[0.05,0.1)",
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"第八档": "(-inf,0.05)"
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},
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"权重": 10
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}
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],
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"评级调整": [
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{
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"调整因素": "政策因素",
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2022-11-28 10:31:50 +08:00
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"简介": "城投企业的特殊属性决定了其业务运营与政府关系密切,城投企业所承建的项目多数是由政府授权建设或运营,其收入来源主要为地方政府及其他部门和机构。因此,行业政策和监管政策变化或调整,对城投企业的经营、融资和发展产生较大影响,从而影响城投企业的信用基本面。"
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2022-11-22 15:23:41 +08:00
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},
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{
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"调整因素": "ESG与管理因素",
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2022-11-28 10:31:50 +08:00
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"简介": "ESG 因素一般通过环境、社会责任和公司治理三个方面进行评价。通常,城投企业面临环境和社会责任风险较小。公司治理与管理方面,远东资信主要关注城投企业内控制度、项目管理、融资管理、对子公司管控能力等。"
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2022-11-22 15:23:41 +08:00
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},
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{
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"调整因素": "平台整合",
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2022-11-28 10:31:50 +08:00
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"简介": "区域城投平台整合是关系城投企业信用水平的重要因素,政府主导下的平台整合影响受评城投企业的规模和定位,进而影响其未来获得政府支持的力度。"
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2022-11-22 15:23:41 +08:00
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},
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{
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"调整因素": "资产质量",
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2022-11-28 10:31:50 +08:00
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"简介": "资产质量主要分析城投企业的资产是否被明显高估或存在大量无效资产,需要重视土地使用权、林权、海域使用权、滩涂使用权、河道采砂权、品牌特许经营权等资产的盈利性。"
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2022-11-22 15:23:41 +08:00
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},
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{
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"调整因素": "其他调整因素",
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2022-11-28 10:31:50 +08:00
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"简介": "对于其他调整因素(包括但不限于:突发信用事件冲击区域融资环境、被担保企业经营情况恶化或存在严重负面事件、重大诉讼、群体性事件等),远东资信将视具体情况予以评估。"
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2022-11-22 15:23:41 +08:00
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}
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2022-11-25 14:04:42 +08:00
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],
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"外部支持": {
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"类型": "政府"
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}
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2022-11-22 15:23:41 +08:00
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}
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