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": 90,
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"AA+": 86.67,
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"AA": 83.34,
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"AA-": 80,
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"A+": 76.68,
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"A": 73.35,
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"A-": 70,
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"BBB+": 66.67,
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"BBB": 63.34,
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"BBB-": 60,
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"BB+": 56.67,
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"BB": 53.34,
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"BB-": 50,
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"B": 40,
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"CCC": 30,
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"CC": 20,
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"C": 10
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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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"指标": "resources_endowment",
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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": "资源禀赋",
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"档位": {
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"第一档": "在如下方面的综合表现非常好:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第二档": "在如下方面的综合表现很好:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第三档": "在如下方面的综合表现好:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第四档": "在如下方面的综合表现较好:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第五档": "在如下方面的综合表现一般:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第六档": "在如下方面的综合表现较弱:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第七档": "在如下方面的综合表现很弱:(1)煤矿储量;(2)主要矿井可采年限;(3)煤质等",
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"第八档": "全部矿井均为资源枯竭矿井"
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},
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"权重": 16
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},
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{
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"指标": "business_competitiveness",
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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": "业务竞争力",
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"档位": {
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"第一档": "在如下方面的综合表现非常好:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第二档": "在如下方面的综合表现很好:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第三档": "在如下方面的综合表现好:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第四档": "在如下方面的综合表现较好:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第五档": "在如下方面的综合表现一般:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第六档": "在如下方面的综合表现较弱:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第七档": "在如下方面的综合表现很弱:(1)市场地位;(2)运输条件;(3)成本控制能力等",
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"第八档": "基本无业务竞争力与市场份额"
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},
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"权重": 16
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},
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{
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"指标": "operating_income",
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"指标类型": "定量指标",
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"一级指标": "规模",
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"二级指标": "营业收入(亿元)",
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"档位": {
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"第一档": "[1000,+inf)",
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"第二档": "[500,1000)",
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"第三档": "[250,500)",
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"第四档": "[100,250)",
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"第五档": "[50,100)",
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"第六档": "[20,50)",
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"第七档": "[5,20)",
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"第八档": "[0,5)"
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},
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"权重": 12
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},
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{
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2022-11-28 17:06:13 +08:00
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"指标": "raw_coal_output",
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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": "规模",
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"二级指标": "原煤产量(万吨)",
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"档位": {
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"第一档": "[5000,+inf)",
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"第二档": "[2500,5000)",
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"第三档": "[1000,2500)",
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"第四档": "[500,1000)",
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"第五档": "[250,500)",
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"第六档": "[100,250)",
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"第七档": "[50,100)",
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"第八档": "[0,50)"
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},
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"权重": 12
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},
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{
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2022-11-28 17:06:13 +08:00
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"指标": "ebit_margin",
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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": "盈利能力",
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"二级指标": "EBIT利润率(%)",
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"档位": {
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"第一档": "[15,+inf)",
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"第二档": "[9,15)",
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"第三档": "[6,9)",
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"第四档": "[4,6)",
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"第五档": "[2,4)",
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"第六档": "[1,2)",
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"第七档": "[0,1)",
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"第八档": "(-inf,0)"
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},
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"权重": 11
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},
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{
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2022-11-28 17:06:13 +08:00
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"指标": "total_debt_capitalization_ratio",
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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": "财务杠杆与偿债能力",
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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": "[0,45]",
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"第二档": "(45,60]",
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"第三档": "(60,70]",
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"第四档": "(70,75]",
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"第五档": "(75,80]",
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"第六档": "(80,85]",
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"第七档": "(85,90]",
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"第八档": "(90,+inf)"
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},
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"权重": 11
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},
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{
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2022-11-28 17:06:13 +08:00
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"指标": "net_operating_cash_flow_divide_total debt",
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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": "财务杠杆与偿债能力",
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"二级指标": "经营性现金流净额/总债务(%)",
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"档位": {
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"第一档": "[25,+inf)",
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"第二档": "[15,25)",
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"第三档": "[8,15)",
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"第四档": "[4,8)",
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"第五档": "[2,4)",
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"第六档": "[1,2)",
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"第七档": "[0,1)",
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"第八档": "(-inf,0)"
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},
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"权重": 11
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},
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{
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2022-11-28 17:06:13 +08:00
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"指标": "ebitda_interest_protection_multiples",
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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": "财务杠杆与偿债能力",
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"二级指标": "EBIT利息保障倍数(倍)",
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"档位": {
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"第一档": "[5,+inf)",
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"第二档": "[2.5,5)",
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"第三档": "[1.5,2.5)",
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"第四档": "[1,1.5)",
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"第五档": "[0.5,1)",
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"第六档": "[0.2,0.5)",
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"第七档": "[0,0.2)",
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"第八档": "(-inf,0)"
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},
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"权重": 11
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2022-11-28 17:06:13 +08:00
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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": "环境、社会与公司治理(ESG)",
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"简介": "环境、社会与公司治理(ESG)风险因素会对企业的信用质量产生实质性影响。环境、社会与公司治理(ESG)所包含的风险因素是动态变化的,远东资信会持续关注并更新环境、社会与公司治理(ESG)的内涵。环境风险因素对煤炭企业尤为重要,煤炭企业生产过程中通常会产生大量“三废”(废水、废气和固体废弃物),处理、排放不当会对生态环境造成难以逆转的损伤;如果企业环保和节能减排技术水平未达到国家相关政策要求,则企业将面临较大的环保整改压力,严重时甚至会威胁到企业经营的可持续性。公司治理风险因素包括董事会结构与政策、组织架构、管理可靠性、合规与报送以及财务政策与风险管理。"
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},
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{
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"调整因素": "事件风险",
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"简介": "意外事件也可能造成企业基本面短期内急剧恶化,从而影响企业的信用级别。事件风险范围广泛,包括但不限于重大安全生产事故、监管变化、资本重组、并购、资产出售、分拆、诉讼、地缘政治冲突、重大网络犯罪事件等。"
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},
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{
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"调整因素": "财务报告与信息披露质量",
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"简介": "信用评级作业依赖于经审计的财务报表的准确性,而财务报表的质量可能会受内部控制的影响,如会计政策与程序的一致性等。财务报告与信息披露质量较差也会影响受评主体的信用级别。"
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2022-11-22 15:23:41 +08:00
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},
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2022-11-28 17:06:13 +08:00
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{
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"调整因素": "流动性",
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"简介": "流动性也是影响企业信用状况的重要因素,对于信用资质较弱、财务弹性不足的企业尤其关键。远东资信会从现金的来源与使用两个角度考察企业的流动性状况,严重的流动性危机会降低企业信用评级。"
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},
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{
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"调整因素": "历史信用记录",
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"简介": "远东资信会关注企业的历史信用记录,并据此调整企业的信用级别。一般而言,历史信用记录较差的企业按时还本付息的意愿相对较弱,相应的违约风险较大。"
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},
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{
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"调整因素": "预期调整因素",
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"简介": "如果预计煤炭企业经营状况未来会发生重大变化且这一变化是可持续的,可以考虑使用预测的业务和财务数据对企业进行评级打分,并对信用级别进行调整。"
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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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"简介": "对于其他调整因素(包括但不限于:在建优质煤矿产能大且将于近期投产、竞争者竞争战略或行业竞争格局的重大意外变化、突破性技术变革及其他突发性重大事件等),远东资信将视具体情况予以评估。 "
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}
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],
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"外部支持": {
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"类型": "股东"
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}
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}
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