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

This issue is the last viewing observation before 202 1 Spring Festival. This issue focuses on the credit ratings of 16 companies. However, unlike the previous credit ratings, which are basically AAA ratings, the biggest highlight of this rating is that five companies have been downgraded or included in the credit rating watch list. For the remaining 1 1 companies, we believe that these companies also have their own difficulties, such as accounts receivable and other receivables account for a large proportion of current assets, and some of them have affected the company's operations, but the company is still supporting.

Joint credit: Creditors apply for restructuring and reduce the credit rating of Xiang Peng Airlines to BB.

On February 1 day, United Credit Rating Co., Ltd. (hereinafter referred to as "United Credit Rating") issued an announcement on the credit rating of Yunnan Xiangpeng Airlines Co., Ltd. (hereinafter referred to as "Xiang Peng Airlines"), which lowered the credit rating of Xiang Peng Airlines from AA- to BB.

According to the announcement, the controlling shareholder HNA Holdings Limited (hereinafter referred to as "HNA Holdings") 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 it was unable to pay off its debts due. There is uncertainty whether to enter the reorganization procedure. Affected by the above factors, Lianhe Credit downgraded Xiang Peng Airlines' main credit rating from AA- on July 30th, 2020 to BB, with a negative rating outlook. The debt credit ratings of "17 Xiangpeng MTN00 1" and "17 Xiangpeng 0 1" have also changed compared with the previous ratings (.

Joint credit: the occupied assets exceed 77%, the project under construction has just started, and Taizhou Binjiang is under pressure to pay back the money.

On February 1 day, United Credit released the latest rating report on Taizhou New Riverside Development Co., Ltd. (hereinafter referred to as "Taizhou Riverside"). The main credit rating of Taizhou Riverside this time is AA, which is consistent with the previous rating (July 2020 1). The credit rating of "20 Taizhou Binjiang CP00 1" is A- 1, which is consistent with the previous rating (July 2020 1), and the rating outlook is stable.

The actual controller of Taizhou Binjiang is Taizhou SASAC. 20 19 By the end of 2020, the company received 460 million yuan from the government. From 20 17 to 20 19, the operating income was12.83 million yuan,14.26 million yuan and16.58 million yuan respectively, and the total profit was 652 million yuan, 367 million yuan and 325 million yuan respectively. In the past three years, the business situation is not good, and the operating income and total profit fluctuate greatly. Subsidies are an important supplement to profits and need to improve profitability.

By September 2020, the current assets of Taizhou Binjiang were 32.547 billion yuan, including 4.2665438 billion yuan in monetary funds, 2.565438 billion yuan in inventory and other receivables, accounting for 7.727% of current assets and 4.723 billion yuan in restricted assets. At the end of the same period, it is planned to invest 5.2 billion yuan in urban infrastructure for projects under construction and proposed, of which 400 million yuan has been invested and 4.8 billion yuan needs to be invested.

In terms of debt, as of 2002112, Taizhou Binjiang's debts due in the next year will total 2.95 billion yuan, which will have greater repayment pressure. In addition, by the end of September, 2020, its external guarantee amount was 898 1 100 million yuan, and the guarantee rate was 768 1%, or it faced certain debt risks.

Joint credit: The operating condition is poor and the investment scale is huge, so Tianjin Metro needs to face financing pressure.

On February 1 day, United Credit released the latest rating report on Tianjin Metro Group Co., Ltd. (hereinafter referred to as "Tianjin Metro"). The main credit rating of Tianjin Metro this time is AAA, and the credit rating of "20 Tianjin Metro CP00 1" debt is A- 1, which is consistent with the last rating (June 23, 2020) and the rating outlook is stable.

The main business of Tianjin Metro is subway operation and subway resource development. From 20 17 to 20 19, the operating income was13.66 million yuan,165438+70 million yuan,165438+93 million yuan, and the total profit was 8/kloc-respectively. In the past three years, its operating conditions have been poor, and its operating income and profits have always increased in fluctuations. The financial subsidy given by the government is an effective supplement to profits. In 202010-September, it received a government subsidy of 654.38+24.4 million yuan, accounting for 93.22% of the total profit of the current period.

By September 2020, its limited assets were110.51100 million yuan, the planned investment of the subway construction project under construction was 170324 million yuan, 47.522 billion yuan had been invested, and1228.02 million yuan was needed, which was under construction. Its investment scale is large and it faces certain financing pressure.

Joint credit: stable operation, large profit fluctuation, high proportion of short-term debt, and great pressure on repayment of production investment in Weihai.

On February 3rd, United Credit released the latest rating report on Weihai Industrial Investment Group Co., Ltd. (hereinafter referred to as "Weihai Investment"). The main credit rating of Weihai Investment Company this time is AA+, and the debt credit rating of "20 Weihai Investment Company CP00 1" 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 SASAC. From 20 17 to 20 19, the operating income was 4.57 billion yuan, 865.438+44 million yuan and 8.737 billion yuan respectively, and the total profit was 4.7/kloc-0.00 million yuan, 238 million yuan and 437 million yuan respectively. In the past three years, the business situation is good, the operating income has increased steadily, but the total profit has fluctuated.

In terms of government subsidies and credit lines, in 20 19, the government subsidized1030,000 yuan. By the end of September 2020, its credit line was 654.38+03.354 billion yuan, and its unused credit line was 565.438+64 billion yuan.

By September 2020, its restricted assets were 2.284 billion yuan, accounting for 6.5 1% of the total assets. Total debt15.904 billion yuan, of which short-term debt is 8,065.438+0.7 billion yuan, accounting for 50.45438+0% of total debt. It is reported that from 20021to 2023, its debt due is 9.589 billion yuan. Its debt is mainly short-term, so it needs to optimize the debt structure and face greater repayment pressure in the short term. In addition, its external guarantee amount is 65.438+50.5 million yuan.

Joint credit: The operating condition is poor, and the short-term liabilities are large, so Chinalco International is listed on the credit observation list.

On February 3rd, United Credit announced that Chinalco International Engineering Co., Ltd. (hereinafter referred to as "Chinalco International") was included 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 the pressure of declining profitability. In 2020, the profit of 6543810-September was-50 million yuan, which was 1 19.67% lower than that of 20 19. By the end of September 2020, its total debt was16.052 billion yuan, of which short-term debt was 9765438+0.7 billion yuan, accounting for 60.53% of the total debt. Short-term debt accounts for a large proportion and faces greater repayment pressure. Because some customers are facing difficulties in paying, 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") provided a full, unconditional and irrevocable joint and several liability guarantee for "19 Zhonggong Y 1", which effectively guaranteed the payment of this bond. United Credit has included its main credit rating in the credit rating watch list, and the credit rating of "19 Zhonggong Y 1" debt is AAA.

Joint credit: assets are illiquid, investment scale is large, and there is often pressure of centralized payment.

On February 3, United Credit released the latest rating report on Chang Group Co., Ltd. (referred to as "Chang"). The main credit rating of this time is AAA, which is consistent with the last rating (September 25, 2020). The credit rating of "20 Chang Gao Xin CP00 1" is A- 1, which is consistent with the previous rating (August 3, 2020), and the credit rating of "20 Chang Gao Xin CP002" is A.

It is often the main body of infrastructure construction in Changzhou and Changzhou High-tech Zone. The operating income from 20 17 to 20 19 was 10554 million yuan, 1 1600,000 yuan,116 respectively. By the end of September 2020, its total assets were 93.624 billion yuan, monetary funds were 9.454 billion yuan, and inventory, accounts receivable and other receivables were 60.8./kloc-0.90 billion yuan, accounting for 8 1.54%；% of current assets. Its credit line is 47.007 billion yuan, and the unused credit line is 65.438+08.606 billion yuan.

By the end of September, 2020, it has participated in four ppp model projects with a total investment of 4.21billion yuan, a total investment of192.3 million yuan and a total 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 is13.875 billion yuan, of which 8765438+06 billion yuan has been invested and 565438+059 million yuan needs to be invested.

In addition, United Credit pointed out that the scale of bonds due in June 2020 10 to February 12, June 2026 1 2022 was 29.885 billion yuan, facing greater pressure of centralized payment.

Joint credit: The investment scale is large, and the environmental protection policy puts pressure on cost control, so Tianfu Group may have debt risk.

On February 5th, United Credit released the latest rating report on Xinjiang Tianfu Group Co., Ltd. (referred to as "Tianfu Group"). The main credit rating of Tianfu Group this time is AA+, and the debt credit ratings of "20 Tianfu CP00 1" and "20 Tianfu CP002" are both A- 1, which is consistent with the previous rating (July 3, 20201), and the rating outlook is stable.

Tianfu Group is an important infrastructure operator in Shihezi. 20 19 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 2020, its cash assets were 6.296 billion yuan, 6.30 times that of short-term financing bills, which effectively guaranteed the payment of short-term financing bills.

From 20 17 to 20 19, the operating income of Tianfu Group was 8.448 billion yuan,1170,500 yuan and 2130,700 yuan respectively, and the total profit was 253 million yuan and 2/kloc-0 respectively. In the past three years, operating income has increased steadily, but profits have continued to decline, and 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 this region has risen, and it is facing greater cost control pressure.

By the end of September 2020, Tianfu Group had limited assets of 4.389 billion yuan, accounting for 9.45% of total assets, and total liabilities of 28.064 billion yuan, of which short-term liabilities were 65.438+03.975 billion yuan, accounting for 4.980% of total liabilities. Need to optimize the debt structure and face certain centralized repayment pressure; The planned investment of the project under construction is 765.438+0.99 billion yuan, of which 496.5438+0.7 billion yuan has been invested and 2.282 billion yuan is needed, which will face certain investment pressure.

By the end of 20 19, other receivables of Tianfu Group were 21680,000 yuan, mainly related 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 2020, its external guarantee amount was 2,326,543.8 billion yuan, which may face certain compensation risks.

Sino-Singapore: Short-term debt accounts for a large proportion, land reserves are insufficient, and Blu-ray development is under great pressure.

65438+1On October 29th, China Chengxin International Credit Rating Co., Ltd. (hereinafter referred to as "China Chengxin") released the latest rating report on Sichuan Blu-ray Development Co., Ltd. (hereinafter referred to as "Blu-ray Development"). The credit rating of this Blu-ray development subject is AA+, and the credit rating of 20 Blu-ray CP00 1 is A- 1, which is consistent with the result of the last rating (June 22, 2020), 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 20 17 to 20 19, the operating income was 24.553 billion yuan, 308210 million yuan and 39 194 million yuan respectively, and the net profit was12510 million yuan respectively. In the past three years, it is in the growth stage, with an upward trend in sales performance, and steady growth in operating income and net profit.

By the end of September 2020, its monetary fund was 24.933 billion yuan, and its total debt was 74.679 billion yuan, of which short-term debt was 34.905 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 its land reserves 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.

Zhongxin: The scale of accounts receivable is too large, and 3/4 of the credit line is used, so there is payment pressure in Xining City Investment.

On February 3rd, China Chengxin issued the latest announcement on the credit rating of Xining Chengtou Management Co., Ltd. (hereinafter referred to as "Xining Chengtou"). The credit rating of the main body of Xining City Investment is AA+, which is consistent with the previous rating (July 28, 2020). The debt credit rating of "20 Xining Chengtou CP002" is A- 1, which is consistent with the previous rating (July 28th, 2020), and the rating outlook is stable.

The business sectors of Xining Chengtou involve water supply, finance, real estate and property leasing, public transportation and supporting services, municipal facilities maintenance, tourism and catering services. The amount of government debt included in its debt is 20.967 billion yuan.

From 20 17 to 20 19, the operating income of Xining City Investment was1kloc-0/52 million yuan,12 million yuan and16.47 million yuan respectively, and the net profit was/kloc-0 respectively. Its operation is in good condition, but its profit continues to decline, so it needs to improve its profitability. By the end of September 2020, it and its subsidiary * * * had accumulated 403 1 billion yuan of credit, of which the unused credit balance was1344.2 billion yuan, and the standby liquidity was still sufficient.

By the end of September 2020, current assets accounted for 36.8 1% of total assets, and other receivables amounted to 22.335 billion yuan, accounting for 77. 18% of current assets. Other receivables are large in scale and account for a large proportion of current assets. Generally speaking, its asset liquidity is weak. Cash was 3.793 billion yuan and short-term debt was 5.585 billion yuan. Its currency and cash can't completely cover short-term debts, so it has certain repayment pressure. In addition, its external guarantee amount is 99 1 100 million yuan, accounting for 3.92% of the net assets at the end of the same period.

Oriental Jincheng: The operating conditions are poor, the debt pressure is high, and the outlook of Huaxia's happiness rating is adjusted to negative.

65438129 October, Oriental Jincheng International Credit Rating Co., Ltd. (hereinafter referred to as "Oriental Jincheng") issued an announcement on the credit rating of Huaxia Happiness Fund Co., Ltd. (hereinafter referred to as "Huaxia Happiness"), and the rating outlook of Huaxia Happiness changed to negative.

According to the announcement, Huaxia Happiness is affected by sales receipts and business expenses. From June to September, 2020, its operating income and net profit decreased by 65,438+065,438+0.79% and 65,438+08.59% respectively. By September 2020, its monetary fund will cover 0.37 times of short-term debt, and from March to February of 20021year, its domestic credit debt will total * * *186.25 million yuan. It faces greater debt pressure. Oriental Jincheng adjusted the rating outlook of Huaxia Happiness from stable to negative.

Oriental Jincheng: The business situation is not good, creditors apply for restructuring, and the credit rating of Phoenix Airport is lowered.

On February 3rd, Oriental Jincheng announced the credit rating of Sanya Phoenix International Airport Co., Ltd. (hereinafter referred to as "Phoenix Airport"), and the rating of Phoenix Airport was downgraded.

According to the announcement, in the first three quarters of 2020, the operating conditions of Phoenix Airport were poor, and the operating income and profits fell sharply. "19 Phoenix Airport CP00 1" will expire in March 20021,and it will face greater debt pressure. Affected by the bankruptcy of shareholder HNA Group Co., Ltd. (hereinafter referred to as "HNA Group"), the creditor applied to the court for reorganization. Affected by the above factors, Oriental Jincheng downgraded the main credit rating of Phoenix Airport from AA+ on July 29th, 2020 to A-, and the debt credit rating of "19 Phoenix Airport CP00 1" was downgraded from A- 1 on July 29th, 2020 to A-.

New century: Tianjin Airlines was downgraded by HNA Holdings.

On February 2, Shanghai New Century Credit Rating Co., Ltd. (referred to as "New Century") issued a notice that the credit rating of Tianjin Airlines Co., Ltd. (referred to as "Tianjin Airlines") was downgraded.

According to the announcement, Tianjin Airlines was affected by the creditor's application for restructuring the controlling shareholder HNA Holdings Co., Ltd. ("HNA Holdings"). In the new century, the credit rating of Tianjin Airlines has been downgraded from AA- to BB, and the debt credit ratings of "16 Tianjin Airlines MTN00 1", 16 Tianjin Airlines MTN004 "and" 17 Tianjin Airlines MTN00 1 "have all been downgraded from AA-.

In the new century, the liquidity of assets is weak, and Shan Mei Group has the pressure of centralized repayment.

On February 3rd, New Century released the latest rating report of Shanxi Coal Import and Export Group Co., Ltd. (referred to as "Shan Mei Group"). The main credit rating of Shan Mei Group this time is AA+, which is consistent with the previous rating (August 2020 17). The credit rating of "20 Shan Mei CP002" is A- 1, which is consistent with the previous rating (August 2020 17).

Shan Mei Formation is one of the main coal resources in Shanxi Province. From 20 17 to 20 19, the operating income was 54.54 billion yuan, 551470,000 yuan and 56.782 billion yuan respectively, and the net profit was1980,000 yuan and19.49 million yuan respectively. In terms of credit line, by the end of September 2020, 62.568 billion yuan had been granted credit line, of which 25 1.70 billion yuan was unused, and the reserve fund was sufficient.

By the end of September 2020, its rigid debt was 75.677 billion yuan. 202 1 needs to pay the principal of bonds in a centralized way, and will face greater pressure of centralized payment. At the end of the same period, its current assets were 38.426 billion yuan, and its inventory, accounts receivable and other receivables were 22.348 billion yuan, accounting for 58. 16% of current assets. Occupy a large proportion of funds, asset liquidity is weak.

Its external guarantee balance is 3,654.38+72 million yuan, and the guarantee ratio is 65,438+03.56%. From 20 17 to 20 19, its net operating cash inflows were 206 10/00000 yuan, 73140000 yuan and 31570000 yuan respectively. In addition, it also involves a number of economic disputes, involving an amount of 3.293 billion yuan, which may face debt risks. The coal production industry it is mainly engaged in is a high-risk industry and will face certain coal production safety risks for a long time. In addition, because the downstream demand of coal mining industry will gradually weaken, it will face certain operating pressure.

Entering the new century, Shanxi Lv Wen Group is facing investment pressure because of its huge investment scale.

On February 5th, New Century released the latest rating report on Shanxi Cultural Tourism Investment Holding Group Co., Ltd. (referred to as "Shanxi Lv Wen Group"). The main credit rating of Shanxi Lv Wen Group is AA+, which is consistent with the previous rating (July 29th, 2020). The credit rating of "20 Shaanxi Lv Wen CP002" is A- 1, which is consistent with the previous rating (July 29th, 2020), and the rating outlook is stable.

Shanxi Lv Wen Group is the core subject of developing cultural tourism industry in Shanxi Province, and its business involves trade, real estate, finance and cultural tourism. In the first three quarters of 2020, it received paid-in capital of 200 million yuan from Shanxi Provincial Department of Finance. From 20 17 to 20 19, the operating income was 23.523 billion yuan, 22.287 billion yuan and166.39 million yuan respectively, and the net profit was 106 million yuan and100 million yuan respectively.

By the end of September 2020, its total assets were 66,543.8+0,866,543.8+0.2 billion yuan, its limited assets were 6,543.8+0,465,438+0.2 billion yuan, its rigid debts were 32.864 billion yuan, and its other receivables and inventories were 6,543.8+0.606 billion yuan. * * * The total credit line is 2.99120,000 yuan, of which the used credit line is 231330,000 yuan and the unused credit line is 6.779 billion yuan.

By the end of June, 2020, the planned investment of the main urban village reconstruction project under construction was 96 16 million yuan, and the completed investment was 8.454 billion yuan. The total planned investment of the park project under construction is 20.684 billion yuan, and the completed investment is 65.438+02.298 billion yuan. The planned total investment of the cultural tourism development project under construction is 65.438+82.9 million yuan, and the invested capital is 65.438+0.365438+0.00 billion yuan. Its investment scale is large, and it faces certain investment pressure. By the end of September 2020, its outstanding external guarantee balance was 2.797 billion yuan, and the guarantee ratio was 15.03%.

Dongfang Jincheng: During the period, the expenses are increasing and the profits are eroded. Yantai Port Group will face greater repayment pressure.

On February 3rd, Oriental Jincheng International Credit Rating Co., Ltd. (referred to as "Oriental Jincheng") released the latest rating report on Yantai Port Group Co., Ltd. (referred to as "Yantai Port Group"). This time, its main credit rating is AA+, which is consistent with the last rating (June 23, 2020). The credit rating of "20 Yantai Port CP002" is A- 1, which is consistent with the previous rating (June 23rd, 2020), and the rating outlook is stable.

Yantai Port Group is the most important operator of Yantai Port, and its business covers port services such as loading and unloading, stockpiling, port management, transportation and agency. From 20 17 to 20 19, the operating income was 6.447 billion yuan, 8.068 billion yuan and 8.440 billion yuan respectively, and the total profit was 276 million yuan, 3/kloc-0.90 million yuan and 575 million yuan respectively. By the end of September 2020, the accumulated credit was 27.046 billion yuan, and the unused credit line was 654.38+03.366 billion yuan, and the reserve fund was sufficient.

By the end of September 2020, the book value of restricted assets of Yantai Port Group was 654.38+383 million yuan, accounting for 3.02% of the total assets. It is reported that its total debt to be repaid during the period from 2020 10 to 202 1 is10/67.6 billion yuan, and it will face greater centralized repayment pressure in the short term.

By the end of September, 2020, its external guarantee amount was 603 million yuan, and the guarantee ratio was 4.57%, so there may be debt risk. The expenses from 20 17 to 20 19 are12.02 million yuan,14.73 million yuan and18170,000 yuan respectively. In the past three years, the cost has continued to increase, which has eroded profits to some extent.

Oriental Jincheng: 80% of current assets are limited and the investment scale is large. Caofeidian state control has expenditure pressure.

On February 3rd, Dongfang Jincheng released the latest rating report on Caofeidian State-controlled Investment Group Co., Ltd. (hereinafter referred to as "Caofeidian State-controlled"). The credit rating of the state-controlled entity in Caofeidian this time is AA+, which is consistent with the previous rating (2020 165438+ 10/0). The credit rating of "20 Cao Fei Guokong CP00 1" is A- 1, which is consistent with the last rating (July 2020).

Caofeidian State Control is the most important entity for infrastructure construction, land development and port operation in Caofeidian, and its business involves infrastructure construction, land reclamation, land development and port operation in Caofeidian. In 202010-September, 65,438+received a financial subsidy of 834 million yuan.

From 20 17 to 20 19, the operating income of Caofeidian State Control was 9.256 billion yuan, 9.523 billion yuan and1204.2 million yuan respectively, and the total profit was131billion yuan respectively. Dongfang Jincheng pointed out that in the past three years, Caofeidian's state-controlled operating income has grown steadily, but its profits have fluctuated. Financial subsidy is an important supplement to profit, and its profitability is average, which needs to be improved.

At the end of September 2020, its total assets were1471020,000 yuan, and its restricted assets were 6.906 billion yuan, accounting for 4.69% of the total assets. The ratio of non-current assets to total assets is 58.2 1%, current assets are 6 147 1 100 million yuan, and accounts receivable, other receivables and inventories are 49.396 billion yuan, accounting for 80.36% of current assets. The scale of occupied funds is large and the liquidity of assets is weak.

At the end of the same period, Caofeidian State Control mainly planned to invest 654.38+0.4 billion yuan in land reclamation and land development projects under construction, and has invested 654.38+0.2 billion yuan, and still needs to invest 0.2 billion yuan; The planned total investment of the proposed project is 56 million yuan, and the total investment of the important infrastructure projects under construction is 21629,500 yuan, of which the investment is 12 1860 yuan. The planned total investment of the proposed project is 266 million yuan. There are many state-controlled investment projects in Caofeidian, with large investment funds and certain pressure on capital expenditure.

By the end of September, 2020, its external guarantee balance was1141700 million yuan, and the guarantee ratio was 16.05%, which had certain compensatory risks.