惠誉评级Word文件下载.docx
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惠誉评级Word文件下载.docx
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IssuerCreditRatingScales
Ratedentitiesinanumberofsectors,includingfinancialandnon-financialcorporations,sovereignsandinsurancecompanies,aregenerallyassignedIssuerDefaultRatings(IDRs).IDRsopineonanentity'
srelativevulnerabilitytodefaultonfinancialobligations.The"
threshold"
defaultriskaddressedbytheIDRisgenerallythatofthefinancialobligationswhosenon-paymentwouldbestreflecttheuncuredfailureofthatentity.Assuch,IDRsalsoaddressrelativevulnerabilitytobankruptcy,administrativereceivershiporsimilarconcepts,althoughtheagencyrecognizesthatissuersmayalsomakepre-emptiveandthereforevoluntaryuseofsuchmechanisms.
Inaggregate,IDRsprovideanordinalrankingofissuersbasedontheagency'
sviewoftheirrelativevulnerabilitytodefault,ratherthanapredictionofaspecificpercentagelikelihoodofdefault.ForhistoricalinformationonthedefaultexperienceofFitch-ratedissuers,pleaseconsultthetransitionanddefaultperformancestudiesavailablefromtheFitchRatingswebsite.
AAA:
Highestcreditquality.
'
ratingsdenotethelowestexpectationofdefaultrisk.Theyareassignedonlyincasesofexceptionallystrongcapacityforpaymentoffinancialcommitments.Thiscapacityishighlyunlikelytobeadverselyaffectedbyforeseeableevents.
AA:
Veryhighcreditquality.
AA'
ratingsdenoteexpectationsofverylowdefaultrisk.Theyindicateverystrongcapacityforpaymentoffinancialcommitments.Thiscapacityisnotsignificantlyvulnerabletoforeseeableevents.
A:
Highcreditquality.
A'
ratingsdenoteexpectationsoflowdefaultrisk.Thecapacityforpaymentoffinancialcommitmentsisconsideredstrong.Thiscapacitymay,nevertheless,bemorevulnerabletoadversebusinessoreconomicconditionsthanisthecaseforhigherratings.
BBB:
Goodcreditquality.
BBB'
ratingsindicatethatexpectationsofdefaultriskarecurrentlylow.Thecapacityforpaymentoffinancialcommitmentsisconsideredadequatebutadversebusinessoreconomicconditionsaremorelikelytoimpairthiscapacity.
BB:
Speculative.
BB'
ratingsindicateanelevatedvulnerabilitytodefaultrisk,particularlyintheeventofadversechangesinbusinessoreconomicconditionsovertime;
however,businessorfinancialflexibilityexistswhichsupportstheservicingoffinancialcommitments.
B:
Highlyspeculative.
B'
ratingsindicatethatmaterialdefaultriskispresent,butalimitedmarginofsafetyremains.Financialcommitmentsarecurrentlybeingmet;
however,capacityforcontinuedpaymentisvulnerabletodeteriorationinthebusinessandeconomicenvironment.
CCC:
Substantialcreditrisk.
Defaultisarealpossibility.
CC:
Veryhighlevelsofcreditrisk.
Defaultofsomekindappearsprobable.
C:
Exceptionallyhighlevelsofcreditrisk.
Defaultisimminentorinevitable,ortheissuerisinstandstill.Conditionsthatareindicativeofa'
C'
categoryratingforanissuerinclude:
a.theissuerhasenteredintoagraceorcureperiodfollowingnon-paymentofamaterialfinancialobligation;
b.theissuerhasenteredintoatemporarynegotiatedwaiverorstandstillagreementfollowingapaymentdefaultonamaterialfinancialobligation;
or
c.FitchRatingsotherwisebelievesaconditionof'
RD'
or'
tobeimminentorinevitable,includingthroughtheformalannouncementofacoercivedebtexchange.
RD:
Restricteddefault.
ratingsindicateanissuerthatinFitchRatings’opinionhasexperiencedanuncuredpaymentdefaultonabond,loanorothermaterialfinancialobligationbutwhichhasnotenteredintobankruptcyfilings,administration,receivership,liquidationorotherformalwinding-upprocedure,andwhichhasnototherwiseceasedbusiness.Thiswouldinclude:
a.theselectivepaymentdefaultonaspecificclassorcurrencyofdebt;
b.theuncuredexpiryofanyapplicablegraceperiod,cureperiodordefaultforbearanceperiodfollowingapaymentdefaultonabankloan,capitalmarketssecurityorothermaterialfinancialobligation;
c.theextensionofmultiplewaiversorforbearanceperiodsuponapaymentdefaultononeormorematerialfinancialobligations,eitherinseriesorinparallel;
d.executionofacoercivedebtexchangeononeormorematerialfinancialobligations.
D:
Default.
ratingsindicateanissuerthatinFitchRatings'
opinionhasenteredintobankruptcyfilings,administration,receivership,liquidationorotherformalwinding-upprocedure,orwhichhasotherwiseceasedbusiness.
Defaultratingsarenotassignedprospectivelytoentitiesortheirobligations;
withinthiscontext,non-paymentonaninstrumentthatcontainsadeferralfeatureorgraceperiodwillgenerallynotbeconsideredadefaultuntilaftertheexpirationofthedeferralorgraceperiod,unlessadefaultisotherwisedrivenbybankruptcyorothersimilarcircumstance,orbyacoercivedebtexchange.
"
Imminent"
defaulttypicallyreferstotheoccasionwhereapaymentdefaulthasbeenintimatedbytheissuer,andisallbutinevitable.Thismay,forexample,bewhereanissuerhasmissedascheduledpayment,but(asistypical)hasagraceperiodduringwhichitmaycurethepaymentdefault.Anotheralternativewouldbewhereanissuerhasformallyannouncedacoercivedebtexchange,butthedateoftheexchangestillliesseveraldaysorweeksintheimmediatefuture.
Inallcases,theassignmentofadefaultratingreflectstheagency'
sopinionastothemostappropriateratingcategoryconsistentwiththerestofitsuniverseofratings,andmaydifferfromthedefinitionofdefaultunderthetermsofanissuer'
sfinancialobligationsorlocalcommercialpractice.
Note:
Themodifiers"
+"
or"
-"
maybeappendedtoaratingtodenoterelativestatuswithinmajorratingcategories.Suchsuffixesarenotaddedtothe'
Long-TermIDRcategory,ortoLong-TermIDRcategoriesbelow'
.
LimitationsoftheIssuerCreditRatingScale:
Specificlimitationsrelevanttotheissuercreditratingscaleinclude:
Theratingsdonotpredictaspecificpercentageofdefaultlikelihoodoveranygiventimeperiod.
Theratingsdonotopineonthemarketvalueofanyissuer'
ssecuritiesorstock,orthelikelihoodthatthisvaluemaychange.
Theratingsdonotopineontheliquidityoftheissuer'
ssecuritiesorstock.
Theratingsdonotopineonthepossiblelossseverityonanobligationshouldanissuerdefault.
Theratingsdonotopineonthesuitabilityofanissuerasacounterpartytotradecredit.
Theratingsdonotopineonanyqualityrelatedtoanissuer'
sbusiness,operationalorfinancialprofileotherthantheagency'
sopiniononitsrelativevulnerabilitytodefault.
RatingsassignedbyFitchRatingsarticulateanopinionondiscreteandspecificareasofrisk.Theabovelistisnotexhaustive,andisprovidedforthereader'
sconvenience.ReadersarerequestedtoreviewthesectionUnderstandingCreditRatings—LimitationsandUsageforfurtherinformationonthelimitationsoftheagency'
sratings.
CorporateFinanceObligations—Long-TermRatingScales
Ratingsofindividualsecuritiesorfinancialobligationsofacorporateissueraddressrelativevulnerabilitytodefaultonanordinalscale.Inaddition,forfinancialobligationsincorporatefinance,ameasureofrecoverygivendefaultonthatliabilityisalsoincludedintheratingassessment.Thisnotablyappliestocoveredbondsratings,whichincorporatebothanindicationoftheprobabilityofdefaultandoftherecoverygivenadefaultofthisdebtinstrument.
Therelationshipbetweenissuerscaleandobligationscaleassumesanhistoricalaveragerecoveryofbetween30%–50%onthesenior,unsecuredobligationsofanissuer.Asaresult,individualobligationsofentities,suchascorporations,areassignedratingshigher,lower,orthesameasthatentity'
sissuerratingorIDR.Atthelowerendoftheratingsscale,FitchRatingsnowadditionallypublishesexplicitRecoveryRatingsinmanycasestocomplementissuerandobligationratings.
ratingsdenotethelowestexpectationofcreditrisk.Theyareassignedonlyincasesofexceptionallystrongcapacityforpaymentoffinancialcommitments.Thiscapacityishighlyunlikelytobeadverselyaffectedbyforeseeableevents.
ratingsdenoteexpectationsofverylowcreditrisk.Theyindicateverystrongcapacityforpaymentoffinancialcommitments.Thiscapacityisnotsignificantlyvulnerabletoforeseeableevents.
ratingsdenoteexpectationsoflowcreditrisk.Thecapacityforpaymentoffinancialcommitmentsisconsideredstrong.Thiscapacitymay,nevertheless,bemorevulnerabletoadversebusinessoreconomicconditionsthanisthecaseforhigherratings.
ratingsindicatethatexpectationsofcreditriskarecurrentlylow.Thecapacityforpaymentoffinancialcommitmentsisconsideredadequatebutadversebusinessoreconomicconditionsaremorelikelytoimpairthiscapacity.
ratingsindicateanelevatedvulnerabilitytocreditrisk,particularlyintheeventofadversechangesinbusinessoreconomicconditionsovertime;
however,businessorfinancialalternativesmaybeavailabletoallowfinancialcommitmentstobemet.
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