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Link to Fitch Ratings' Report: Fitch Places Chinese Government-Related Entities on Rating Watch - Rating Action Report
https://www.fitchratings.com/site/re/914165
Fitch Ratings has placed the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of a number of Chinese government-related entities (GREs) on Rating Watch Negative (RWN) or Rating Watch Positive (RWP). The respective bond issues and programmes have also been placed on RWN or RWP.
The worksheet "Rating Actions" provides:
- A full list of ratings placed on RWP or RWN
- Primary analyst and secondary analyst contact information
Summary of IDR rating actions:
- All ratings either placed on RWP or RWN
The worksheet is available by clicking the link above.
KEY RATING DRIVERS
The rating actions follow the publication of the Exposure Draft: Government Related Entities Criteria (see a href="https://www.fitchratings.com/site/pr/1032874" Fitch Publishes Exposure Draft on Government Related Entities Criteria /a, dated 27 November 2017).
RATING SENSITIVITIES
Fitch expects to resolve the Rating Watches within the next six months from the publication of the criteria.
If the final criteria are substantially similar to the exposure draft, then the ratings are likely to be impacted after the final criteria are published.
Fitch will monitor both the application of existing and any new central government laws, regulations and directives that will effectively prohibit or restrict support by the local and regional governments to the entities, with a practical impact on the entities' future ability to service their debts. Fitch interprets such initiatives as being undertaken by the central government to disentangle GREs from public-sector balance sheets, address indiscriminate GRE debt growth, and encourage greater market discipline.
Depending on the degree of certainty and the extent of the prohibition, the agency will take rating action which could result in either a widening of the notching or the adoption of a bottom-up ratings approach, possibly even to the extent of the removal of all support expectations.
