China http://www.alacrastore.com/country-snapshot/China Saturday, July 26, 2008 1:51:29 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/661516spcred/661516normThe latest Full Report from S&Pglobal7/25/2008 8:21:15 AM400Full Report661516ChinaMulti-Sector HoldingsAsiaEmerging MarketsGlobal IssuersFinancial InstitutionsCorporationsFull ReportGovernment support Adequate liquidity Significantly improved financial profile Aggressive financial leverage Inadequate risk management High information risk The ratings on CITIC Group reflect the group's close government links, its adequate liquidity, its good business diversification, and its significantly improved financial profile. These positive factors are counterbalanced by the group's aggressive financial leverage, inadequate risk management, and the high information risk associated with CITIC's opaque business strategy and limited disclosure for its non-banking operations. Standard&Poor's views CITIC as a commercial government-related entity, although it has a residual quasi-policy role in furthering China's economic and financial reforms. CITIC is wholly owned by the Chinese government. Standard&Poor's factors in three notches of uplift into the long-term rating on CITICCHN16939740201030 402010 4020 40CITIC Group126756ASIAEMERGINGCITIC@CHFULLHKG20107010 201070 2010 2040101010 401010 4010 40CITIC International Financial Holdings Ltd. (Unsolicited Ratings)CITIC Resources Holdings Ltd.374802417418ASIAEMERGING183@HK1205@HKGLOBISSFICORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661517spcred/661517normThe latest Summary from S&Pglobal7/25/2008 8:21:15 AM175Summary661517ChinaMulti-Sector HoldingsAsiaEmerging MarketsGlobal IssuersFinancial InstitutionsSummaryThe ratings on CITIC Group reflect the group's close government links, its adequate liquidity, its good business diversification, and its significantly improved financial profile. These positive factors are counterbalanced by the group's aggressive financial leverage, inadequate risk management, and the high information risk associated with CITIC's opaque business strategy and limited disclosure for its non-banking operations. Standard&Poor's views CITIC as a commercial government-related entity, although it has a residual quasi-policy role in furthering China's economic and financial reforms. CITIC is wholly owned by the Chinese government. Standard&Poor's factors in three notches of uplift into the long-term rating on CITIC to reflect strong implicit government support. Various Chinese government agencies have a good track record of supportingCHN16939740201030 402010 4020 40CITIC Group126756ASIAEMERGINGCITIC@CHSUMMARYHKG40101010 401010 4010 40CITIC International Financial Holdings Ltd. (Unsolicited Ratings)374802ASIAEMERGING183@HKGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661497spcred/661497normThe latest Summary from S&Pglobalstructured7/25/2008 4:23:17 AM175Summary661497ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe rating on Agile Property Holdings Ltd. reflects the company's limited diversity in revenue sources, ongoing risks associated with project execution in new cities, and the evolving regulatory environment in China. These weaknesses are partly offset by our expectation that Agile will maintain an adequate level of liquidity, underpinned by a recently scaled-back land expansion plan, itself reflecting a reassuring degree of strategic flexibility on the part of management in the face of changing market conditions. The company's key financial metrics should be managed at the current rating level, supported by a sizable, low-cost land bank and an established presence in the Pearl River Delta region of China. The heightened market pressure triggered by the government's credit-tightening measures should haveCHN00847700281940403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661494spcred/661494normThe latest News from S&Pglobal7/25/2008 2:52:38 AM100News661494ChinaIndependent Power Producers & Energy TradersAsiaEmerging MarketsGlobal IssuersUtilitiesElectricNewsHONG KONG (Standard&Poor's) July 25, 2008--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' long-term corporate credit rating on Huaneng Power International Inc. The outlook is negative. At the same time, the rating was removed from CreditWatch, where it had been placed with negative implications on March 18, 2008. "The rating affirmation reflects our expectation of likely government support for Huaneng, and that the recent severe deterioration in the company's financial profile, mostly caused by capped tariffs, is temporary. We expect Huaneng's profitability will continue to be under pressure, due to the mismatch between a liberalized coal market and a regulated power market. However, profitability is likely to improve as the government has startedCHN44330455105010 551050 5510 55Huaneng Power International Inc.322252ASIAEMERGING902@HKNEWSGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661495spcred/661495normThe latest Research Update from S&Pglobal7/25/2008 2:52:38 AM175Research Update661495ChinaIndependent Power Producers & Energy TradersAsiaEmerging MarketsGlobal IssuersUtilitiesElectricResearch UpdateOn July 25, 2008, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit rating on Huaneng Power International Inc. The outlook is negative. At the same time, the rating was removed from CreditWatch, where it had been placed with negative implications on March 18, 2008. The rating affirmation reflects our expectation of likely government support for Huaneng, and that the recent severe deterioration in the company's financial profile, mostly caused by capped tariffs, is temporary. We expect Huaneng's profitability will continue to be under pressure, due to the mismatch between a liberalized coal market and a regulated power market. However, profitability is likely to improve as the government has started to intervene in the sector. The government allowedCHN44330455105010 551050 5510 55Huaneng Power International Inc.322252ASIAEMERGING902@HKRESUPDGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661496spcred/661496normThe latest Full Report from S&Pglobalstructured7/25/2008 2:52:38 AM400Full Report661496ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportConcentrated revenue source from home market Execution risk in new regions Evolving regulatory environment Established presence in the Pearl River Delta region Sizable low-cost land bank Flexible management, well aligned to market changes The rating on Agile Property Holdings Ltd. reflects the company's limited diversity in revenue sources, ongoing risks associated with project execution in new cities, and the evolving regulatory environment in China. These weaknesses are partly offset by our expectation that Agile will maintain an adequate level of liquidity, underpinned by a recently scaled-back land expansion plan, itself reflecting a reassuring degree of strategic flexibility on the part of management in the face of changing market conditions. The company's key financial metrics should be managed at the currentCHN00847700281940403010 404030 4040 40Agile Property Holdings Ltd.404688ASIAEMERGING3383@HKFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660770spcred/660770normThe latest News from S&Pglobalstructured7/22/2008 8:21:12 AM100News660770ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) July 22, 2008--Standard&Poor's Ratings Services said today that it had affirmed its 'B+' long-term corporate credit rating on Coastal Greenland Ltd. (CGL). The outlook is negative. At the same time, Standard&Poor's affirmed its 'B' issue rating on CGL's outstanding senior unsecured notes. Both ratings were removed from CreditWatch, where they were placed with negative implications on April 10, 2008. "The negative outlook reflects the possible deterioration in the company's liquidity and cash flow adequacy metrics over the next 12 months, as a result of a weaker market and a potential organizational restructuring. The rating is supported by CGL's less-aggressive growth strategy and geographically diversified projects," said Standard&Poor's credit analystCHN40403010 404030 4040 40Coastal Greenland Ltd.423699ASIAEMERGING1124@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660771spcred/660771normThe latest Research Update from S&Pglobalstructured7/22/2008 8:21:12 AM175Research Update660771ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn July 22, 2008, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on Coastal Greenland Ltd. (CGL). The outlook is negative. At the same time, Standard&Poor's affirmed its 'B' issue rating on CGL's outstanding senior unsecured notes. Both ratings were removed from CreditWatch, where they were placed with negative implications on April 10, 2008. The negative outlook reflects the possible deterioration in the company's liquidity and cash flow adequacy metrics over the next 12 months, as a result of a weaker market and a potential organizational restructuring. The rating is supported by CGL's less-aggressive growth strategy than in the past and geographically diversified projects. Standard&Poor's believes CGL's cash flow protection and liquidityCHN40403010 404030 4040 40Coastal Greenland Ltd.423699ASIAEMERGING1124@HKRESUPDGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660757spcred/660757normThe latest News from S&Pglobal7/21/2008 11:23:11 PM100News660757ChinaForest ProductsAsiaEmerging MarketsLatin AmericaGlobal IssuersCorporationsForest ProductsNewsHONG KONG (Standard&Poor's) July 22, 2008--Standard&Poor's Ratings Services said today that it assigned its 'BB' issue rating to Sino-Forest Corp. 's proposed US$300 million, 5% convertible senior unsecured notes due 2013. At the same time the 'BB' long-term corporate credit rating on Sino-Forest was affirmed, and the outlook confirmed as stable. The ratings on Sino-Forest reflect the company's relatively strong financial profile for the rating, which is supported by its solid balance sheet, good liquidity, and cash flow coverage. The company's pro forma adjusted debt-to-EBITDA ratio is under 2x, and the ratio of total debt to total capitalization is around 40%. However, Sino-Forest's ambitious growth plan for the next two years would continue to require substantialCHN82934H15105010 151050 1510 15Sino-Forest Corp.380737ASIAEMERGINGLATAMERICATRE/A@CNNEWSGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM1903datamonitoress/DBCM1903pdf...The Savory snacks market consists of Popcorn, Processed snacks, Nuts & seeds , Potato chips and Other savory snacks. ... Databook495.007/21/2008 2:07:38 PM617FoodSnacksChinaDBCM1903Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM2969datamonitoress/DBCM2969pdf...The Chinese Ready Meals market is led by Frozen ready meals (representing ##.#% of total value) followed by Chilled ready meals and Canned ready meals with a #.#% and #.#% market share respective ly. Dried ready meals accounts for the remaining #.#% share. ... Databook495.007/21/2008 2:06:33 PM615FoodReady MealsChinaDBCM2969Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/spcred/660587spcred/660587normThe latest News from S&Pglobalstructured7/21/2008 9:37:00 AM100News660587ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsHONG KONG (Standard&Poor's) July 21, 2008--Standard&Poor's Ratings Services said today that its rating on Shimao Property Holdings Ltd. (BB+/Stable/--) was not immediately affected by regulatory approval for the company to inject assets into Shanghai Shimao Co. Ltd. in return for an ultimate controlling ownership of about 64%. This restructuring and its impact on Shimao Property's cash flows are already factored into the rating. Shimao Property intends to inject 11 of its retail and commercial projects into Shanghai Shimao, which is listed on the A-share market. The move will provide a separate platform for Shimao Property to raise financing and reduce its capital commitments for long-payback retail and commercial rental projects, while retaining control over the assets.CHN82454X40403010 404030 4040 40Shimao Property Holdings Ltd.408377ASIAEMERGING813@HKNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660325spcred/660325normThe latest News from S&Pglobal7/18/2008 8:23:20 AM100News660325ChinaDiversified BanksAsiaEmerging MarketsGlobal IssuersFinancial InstitutionsNewsBEIJING (Standard&Poor's) July 18, 2008--Standard&Poor's Ratings Services said today that it had assigned its 'BBB+' long-term local-currency counterparty credit rating to Bank of Communications Co. Ltd. (BoCom; foreign currency: BBB+/Stable/--). The outlook is stable. At the same time, Standard&Poor's assigned its 'BBB+' long-term issue rating to the proposed issue of Chinese renminbi (RMB)-denominated senior unsecured bonds in Hong Kong by BoCom. "The counterparty credit rating on BoCom reflects the bank's entrenched domestic franchise, implicit government support, and significantly enhanced capacity to generate internal capital," said Standard&Poor's credit analyst Qiang Liao. The rating also takes into consideration the strong likelihood that BoCom's partnership with Hongkong and Shanghai Banking Corp. Ltd. (AA/Stable/A-1+), the bank'sCHN40101010 401010 4010 40Bank of Communications Co. Ltd.119889ASIAEMERGING3328@HKNEWSGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660326spcred/660326normThe latest Research Update from S&Pglobalstructuredpubfin7/18/2008 8:23:00 AM175Research Update660326ChinaDiversified BanksAsiaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceAsset-Backed Commercial PaperCommercial MBSCollateralized Debt ObligationsFinancial InstitutionsSovereignsCorporationsUtilitiesAsset-Backed SecuritiesResidential MBSResearch UpdateOn July 18, 2008, Standard&Poor's Ratings Services assigned its 'BBB+' long-term local-currency counterparty credit rating to Bank of Communications Co. Ltd. (BoCom; foreign currency: BBB+/Stable/--). The outlook is stable. At the same time, Standard&Poor's assigned its 'BBB+' long-term issue rating to the proposed issue of Chinese renminbi (RMB)-denominated senior unsecured bonds in Hong Kong by BoCom. The counterparty credit rating on BoCom reflects the bank's entrenched domestic franchise, implicit government support, and significantly enhanced capacity to generate internal capital. The rating also takes into consideration the strong likelihood that BoCom's partnership with Hongkong and Shanghai Banking Corp. Ltd. (AA/Stable/A-1+), the bank's second-largest shareholder, will further improve its competitiveness in retail banking and risk management. Counterbalancing factorsCHN40101010 401010 4010 40Bank of Communications Co. Ltd.119889ASIAEMERGING3328@HKRESUPDHKG43856040203030 402030 4020 40Hongkong and Shanghai Banking Corp. Ltd.107115PACEUROMIDAFRASIAEMERGINGUSAHSBCZ@HKGLOBISSSTRUCPUBFINABCPCMBSCDOFISOVCORPUTILABSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660072spcred/660072normThe latest Research Update from S&Pglobal7/17/2008 4:21:45 AM175Research Update660072ChinaAsiaEmerging MarketsGlobal IssuersInsuranceResearch UpdateOn July 17, 2008, Standard&Poor's Rating Services assigned its 'A' long-term local currency counterparty credit and insurer financial strength ratings to Samsung Fire&Marine Insurance Co. (China) Ltd. (Samsung FM China). The outlook on the long-term rating is stable. The ratings on Samsung FM China reflect the company's strong strategic importance to its parent, Korea-based Samsung Fire&Marine Insurance Co. Ltd. (Samsung FM; A+/Stable/--). The ratings also reflect Samsung FM China's strong standalone capitalization, strong potential growth, good operating performance, and niche market related to Korean business interests in China. These factors are, however, partly offset by the company's small scale compared with other domestic players', at about 0.1% market share. Like other foreign players, SamsungCHNSamsung Fire&Marine Insurance Co. (China) Ltd.452639ASIAEMERGINGRESUPDKOR40301040 403010 4030 40Samsung Fire&Marine Insurance Co. Ltd.314353ASIAEMERGING0081@KSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660071spcred/660071normThe latest News from S&Pglobal7/17/2008 4:21:00 AM100News660071ChinaAsiaEmerging MarketsGlobal IssuersInsuranceNewsHONG KONG (Standard&Poor's) July 17, 2008--Standard&Poor's Ratings Services said today that it had assigned its 'A' long-term local currency counterparty credit and insurer financial strength ratings to Samsung Fire&Marine Insurance Co. (China) Ltd. (Samsung FM China). The outlook on the long-term rating is stable. "The ratings on Samsung FM China reflect the company's strong strategic importance to its parent, Korea-based Samsung Fire&Marine Insurance Co. Ltd. (Samsung FM; A+/Stable/--). The ratings also reflect Samsung FM China's strong standalone capitalization, strong potential growth, good operating performance, and niche market related to Korean business interests in China," said Standard&Poor's credit analyst Connie Wong. These factors are, however, partly offset by the company's smallCHNSamsung Fire&Marine Insurance Co. (China) Ltd.452639ASIAEMERGINGNEWSKOR40301040 403010 4030 40Samsung Fire&Marine Insurance Co. Ltd.314353EMERGINGASIA0081@KSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659811spcred/659811normThe latest Full Report from S&Pglobalstructured7/15/2008 11:23:52 PM400Full Report659811ChinaAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportWeak corporate governance practices Execution risk as a result of aggressive expansion Key-man risk Geographic diversification Adequate liquidity The rating on Neo-China Land Group (Holdings) Ltd. reflects the company's weak corporate governance measures, its aggressive growth strategy, and execution risks associated with operating on a significantly larger scale and entering new markets. The rating also takes into consideration the company's thin cash flow protection, its exposure to the cyclical and competitive Chinese real estate industry, regulatory risk, and key-man risks stemming from the dominance of chairman Mr. Li Songxiao over business decision-making. These weaknesses are tempered by Neo-China's geographically diversified and large-scale land bank in comparison with the rating level, the company's reasonable development track record, and adequate liquidity. Neo-ChinaCHN64045PNeo-China Land Group (Holdings) Ltd.419520ASIAEMERGING563@HKFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659810spcred/659810normThe latest Summary from S&Pglobalstructured7/15/2008 11:23:00 PM175Summary659810ChinaAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe rating on Neo-China Group (Holdings) Ltd. reflects the company's weak corporate governance measures, its aggressive growth strategy, and execution risks associated with operating on a significantly larger scale and entering new markets. The rating also takes into consideration the company's thin cash flow protection, its exposure to the cyclical and competitive Chinese real estate industry, regulatory risk, and key-man risks stemming from the dominance of chairman Mr. Li Songxiao over business decision-making. These weaknesses are tempered by Neo-China's geographically diversified and large-scale land bank in comparison with the rating level, the company's reasonable development track record, and adequate liquidity. Neo-China has a larger and more diverse land bank than most 'B' rated peers. As at Oct. 31, 2007, itsCHN64045PNeo-China Land Group (Holdings) Ltd.419520ASIAEMERGING563@HKSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/493685spcred/493685normThe latest Full Report from S&Pglobalstructuredpubfin7/10/2008 2:38:37 AM400Full Report493685ChinaAsiaEmerging MarketsGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceSovereignsAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCorporationsCollateralized Debt ObligationsFull ReportNanjing City Commercial Bank (NCCB) is not rated by Standard&Poor's Ratings Services. This analysis is a general credit comment based on publicly available information. It is published here as part of a review of China's banking sector. The financial profile of NCCB is above the average of China's city commercial banks. The bank has relatively good asset quality and satisfactory profitability by domestic standards. These positives factors are offset by a recent substantial increase in the bank's special-mention loans. The bank also faces concentration risk in its loan portfolio. NCCB was set up in February 1996 to serve Nanjing, the capital of Jiangsu, a wealthy coastal province in southeastern China. At the end of 2004, NCCB had totalCHNBank of Nanjing Co. Ltd.397081ASIAEMERGING601009@CHFULLFRA05565A066747F1059BF1063RF10649F1064P05566HF1063NY0701105568HF10633F1063G05567MF07886F1062M40101010 401010 4010 40BNP Paribas102754EUROMIDAFRCANEMERGINGPACUSAASIALATAMERICASUPBNP@FPGLOBISSSTRUCPUBFINFIINSSOVABCPABSCMBSRMBSCORPCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658806spcred/658806normThe latest Full Report from S&Pglobalstructured7/9/2008 11:24:00 PM400Full Report658806ChinaReal Estate Management & DevelopmentAsiaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportProven track record and well-known brand name, particularly in Guangdong Diverse revenue stream from a large number of saleable property projects Aggressive expansion under challenging market conditions Tight liquidity Cyclical Chinese property market with high regulatory risks The ratings on Hopson Development Holdings Ltd. reflect the company's escalating financial and liquidity pressure. This pressure is attributable to Hopson's continued aggressive spending on land acquisitions, despite slower-than-expected cash generation so far this year, and increasing debt. The company's liquidity is likely to remain tight for the rest of this year. The company targets to increase its presales and completions by 30% a year. The ratings also reflect the cyclical and competitive nature of the Chinese real estate market, with an evolvingCHN44027040403010 404030 4040 40Hopson Development Holdings Ltd.394053ASIAEMERGINGHPDLFFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research