PENGYUAN INTERNATIONAL

HONG KONG, 29 June 2018. Pengyuan International has today released its Chinese Local Government Rating Criteria.


For more details, please visit: https://www.pyrating.com/Methodology/Index/10008.html


These rating criteria describe Pengyuan’s top-down approach to assessing the credit risks of all local governments (LGs) and assigning issuer credit ratings (ICRs) and issuance credit ratings to LGs in China. We explain how we assess the key rating factors (namely a LG’s economic strength, budgetary strength, debt burden, liquidity, and governance and financial management) that together drive a LG’s relative credit strength compared to peer LGs reporting directly to the same higher-level government. We combine the relative strength score of the LG with the rating on its higher-level government and our other analytical considerations to determine ICR on the LG.


These criteria will be effective immediately on the date of final publication, and we intend to complete the review of all affected ratings, if any, within six months thereafter. We expect no impact on our current rating portfolio.


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