articles Ratings /ratings/en/research/articles/230502-china-gre-ratings-list-12714040 content esgSubNav
In This List
COMMENTS

China GRE Ratings List

COMMENTS

Table Of Contents: S&P Global Ratings Corporate And Infrastructure Finance Criteria

COMMENTS

Data Centers: U.S. Not-For-Profit Electric Utilities Explore Ways To Mitigate Risks From Load Growth

COMMENTS

Retail Brief: European Retailers Set Out Their Stalls For The Golden Quarter

Ep53: Ares' Michael Arougheti on Private Markets, Founding Ares & the Baltimore Orioles


China GRE Ratings List

image

As of April 24, 2023, S&P Global Ratings rated 91 government-related entities (GREs) in China. These comprised 48 GREs owned by the Chinese central government and 43 by local and regional governments.

We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be subject to negative extraordinary government intervention if that government is under stress.

We consider government support, or negative intervention, as "extraordinary" when it is temporary, entity-specific, and often related to financial stress at the GRE or at the government level.

When rating GREs, our views on credit quality are based on the stand-alone credit profile (SACP) and the government rating or credit assessment. The GRE rating incorporates analysis of the following elements:

  • The GRE's SACP, which represents the GRE's credit quality in the absence of extraordinary support or intervention;
  • The local currency issuer credit rating or credit assessment of the relevant government, which reflects the government's ability to support the GRE or, in a negative scenario, its need to avail itself of the resources of the GRE; and
  • Our opinion of the likelihood of sufficient and timely extraordinary government intervention in support of the GRE's ability to meet its financial obligations. This is derived from our assessment of the importance of the GRE's role to, and link with, the government.

These and other related parameters are specified in our criteria (see "Rating Government-Related Entities: Methodology And Assumptions," March 25, 2015).

Chart 2

image

Chart 3

image

Table 1

GRE List--Nonfinancial Corporates
Ratings and outlook SACP Notches up from the SACP Related government Role Link Likelihood of support Industry

Beijing Automotive Group Co. Ltd.

BBB/Stable/-- bb- 4 Beijing municipality Very important Very strong Very high Automotive

Beijing Capital Group Co. Ltd.

BBB-/Stable/-- bb- 3 Beijing municipality Important Very strong High Real estate developer

Beijing Construction Engineering Group Co. Ltd.

BBB/Stable/-- bb 3 Beijing municipality Important Very strong High Engineering & construction

Beijing State-Owned Assets Management Co. Ltd.

A/Stable/-- bb+ 5 Beijing municipality Critical Very strong Extremely high Investment holding company

Beijing State-owned Capital Operation and Management Co. Ltd.

A+/Stable/-- bbb 4 Beijing municipality Critical Integral Almost certain Investment holding company

Bright Food (Group) Co. Ltd.

BBB/Stable/-- bb 3 Shanghai municipality Important Very strong High Consumer products

China Baowu Steel Group Corp. Ltd.

A-/Stable/-- bbb 2 Central Important Very strong High Metals & mining

China FAW Group Co. Ltd.

A/Stable/-- bbb+ 2 Central Important Very strong High Automotive

China Minmetals Corp.

BBB+/Stable/-- bb+ 3 Central Important Very strong High Metals & mining

China Mobile Ltd.

A+/Stable/-- aa Capped by sovereign Central Very important Very strong Very high Telecommunication

China National Gold Group Co. Ltd.

BBB/Stable/-- bb 3 Central Important Very strong High Metals & mining

China National Offshore Oil Corp.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Oil & gas

China National Petroleum Corp.

A+/Stable/-- a+ 0 Central Critical Very strong Extremely high Oil & gas

China Petrochemical Corp.

A+/Stable/A-1 a 1 Central Critical Very strong Extremely high Oil & gas

China Petroleum & Chemical Corp.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Oil & gas

China Railway Construction Corp. Ltd.

A-/Stable/-- bbb 2 Central Important Very strong High Engineering & construction

China Railway Group Ltd.

BBB+/Stable/-- bb+ 3 Central Important Very strong High Engineering & construction

China State Construction Engineering Corp. Ltd.

A/Stable/-- bbb+ 2 Central Important Very strong High Engineering & construction

China Tourism Group Corp. Ltd.

A-/Stable/-- bbb 2 Central Important Very strong High Media, entertainment & leisure

CITIC Group Corp.

BBB+/Stable/A-2 bb 4 Central Very important Very strong Very high Conglomerates

CNOOC Ltd.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Oil & gas

CRRC Corp. Ltd.

A+/Stable/-- a 1 Central Very important Very strong Very high Capital goods

Guangdong Hengjian Investment Holding Co. Ltd.

A/Stable/-- bb+ 5 Guangdong province Critical Very strong Extremely high Investment holding company

Jinjiang International Holding Co. Ltd.

BBB-/Negative/-- bb- 3 Shanghai municipality Important Very strong High Media, entertainment & leisure

Power Construction Corp. of China

BBB+/Stable/-- bb+ 3 Central Important Very strong High Engineering & construction

Shandong Gold Group Co. Ltd.

BBB-/Stable/-- bb- 3 Shandong province Important Very strong High Metals & mining

Shanghai Construction Group Co. Ltd.

BBB/Stable/-- bb+ 2 Shanghai municipality Limited importance Very strong Moderately high Engineering & construction

Shanghai Electric Holdings Group Co. Ltd.

BBB/Negative/-- bb- 4 Shanghai municipality Very important Very strong Very high Capital goods

Shanghai Huayi (Group) Co.

BBB/Stable/-- bb+ 2 Shanghai municipality Limited importance Very strong Moderately high Chemicals

Shenzhen Investment Holdings Co. Ltd.

A/Stable/-- bbb 3 Shenzhen city Very important Very strong Very high Investment holding company

State Development & Investment Corp.

A/Stable/-- bbb- 4 Central Critical Very strong Extremely high Investment holding company
Note: Ratings as of Apr. 24, 2023. SACP--Stand-alone credit profile. GRE--Government related entity. Source: S&P Global Ratings.

Table 2

GRE List--Utilities And Infrastructure
Ratings and outlook SACP Notches up from the SACP Related government Role Link Likelihood of support Industry

Beijing Environment Sanitation Engineering Group Co. Ltd.

BBB/Stable/-- bb 3 Beijing municipality Important Very strong High Utility

Beijing Infrastructure Investment Co. Ltd.

A+/Stable/-- bb- 8 Beijing municipality Critical Integral Almost certain Transportation

China General Nuclear Power Corp.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

China Huadian Corp. Ltd.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

China Huaneng Group Co. Ltd.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

China Southern Power Grid Co. Ltd.

A+/Stable/-- a 1 Central Critical Very strong Extremely high Utility

China Three Gorges Corp.

A/Stable/-- bbb+ 2 Central Critical Very strong Extremely high Utility

Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd.

BBB+/Stable/-- bb- 5 Gansu province Critical Integral Almost certain Transportation

Guangdong Energy Group Co. Ltd.

A-/Stable/-- bbb- 3 Guangdong province Very important Very strong Very high Utility

Guangdong Provincial Communications Group Co. Ltd.

A/Stable/-- bbb- 4 Guangdong province Critical Very strong Extremely high Infrastructure

Hangzhou Qiantang New District Industrial Development Group Co. Ltd.

BBB-/Stable/-- b+ 4 Hangzhou city Very important Very strong Very high Infrastructure

Nanjing Yangzi State-Owned Assets Investment Group Co. Ltd.

BBB+/Stable/-- b 7 Nanjing city Very important Integral Extremely high Infrastructure

Qingdao Conson Development (Group) Co. Ltd.

BBB/Stable/-- b 6 Qingdao city Very important Integral Extremely high Infrastructure

Shanghai International Port (Group) Co. Ltd.

A+/Stable/-- a+ 0 Shanghai municipality Very important Strong High Transportation

Shanghai Lingang Economic Development (Group) Co. Ltd.

BBB+/Stable/-- b+ 6 Shanghai municipality Very important Integral Extremely high Infrastructure

Shenergy (Group) Co. Ltd.

A/Stable/-- a- 1 Shanghai municipality Very important Very strong Very high Utility

Shenzhen International Holdings Ltd.

BBB/Stable/-- bb+ 2 Shenzhen city Important Strong Moderately high Transportation

State Grid Corp. of China

A+/Stable/-- a+ 0 Central Critical Very strong Extremely high Utility

State Power Investment Corp. Ltd.

A-/Stable/-- bb+ 4 Central Very important Very strong Very high Utility

Wuxi Communications Industry Group Co. Ltd.

BBB/Stable/-- b 6 Wuxi city Very important Integral Extremely high Transportation

Yangzhou Economic and Technological Development Zone Development (Group) Co. Ltd.

BB+/Stable/-- b- 5 Yangzhou city Very important Integral Extremely high Infrastructure
Note: Ratings as of Apr. 24, 2023. SACP--Stand-alone credit profile. GRE--Government related entity. Source: S&P Global Ratings.

Table 3

GRE List--Financial Institutions And Insurance
Org Legal Name Ratings and outlook SACP Notches up from the SACP Related government Role Link Likelihood of support Industry

Agricultural Bank of China Ltd.

A/Stable/A-1 bbb+ 2 Central Critical Very strong Extremely high Bank

Agricultural Development Bank of China

A+/Stable/A-1 NA N/A Central Critical Integral Almost certain Policy bank

Bank of China Ltd.

A/Stable/A-1 a- 1 Central Critical Very strong Extremely high Bank

Bank of Chongqing Co. Ltd.

BBB-/Stable/A-3 bb 2 Chongqing municipality Important Strong Moderately high Bank

Bank of Communications Co. Ltd.

A-/Stable/A-2 bbb- 3 Central Very important Very strong Very high Bank

China Bohai Bank Co. Ltd.

BBB-/Negative/A-3 bb 2* Tianjin municipality Important Strong Moderately high Bank

China Cinda Asset Management Co. Ltd.

BBB+/Stable/A-2 bb 4 Central Very important Very strong Very high NBFI

China Construction Bank Corp.

A/Stable/A-1 bbb+ 2 Central Critical Very strong Extremely high Bank

China Development Bank

A+/Stable/A-1 NA N/A Central Critical Integral Almost certain Policy bank

China Export & Credit Insurance Corp.

A+/Stable/-- NA N/A Central Critical Integral Almost certain Insurance

China Galaxy Securities Co. Ltd.

BBB/Stable/A-2 bbb- 1 Central Limited importance Strong Moderate NBFI

China Great Wall Asset Management Co. Ltd.

BBB/Stable/A-2 bb- 4 Central Very important Very strong Very high NBFI

China Huarong Asset Management Co. Ltd.

BBB-/Stable/A-3 b+ 4 Central Very important Very strong Very high NBFI

China International Capital Corp. Ltd.

BBB+/Stable/A-2 bbb 1 Central Important Strong Moderately high NBFI

China Jianyin Investment Ltd.

A/Stable/A-1 bb+ 5 Central Very important Integral Extremely high NBFI

China Life Insurance Co. Ltd.

A+/Stable/-- a 1 Central Very important Very strong Very high Insurance

China Orient Asset Management Co. Ltd.

BBB/Stable/A-2 bb- 4 Central Very important Very strong Very high NBFI

China Reinsurance (Group) Corp.

A/Stable/-- a- 1 Central Important Very strong High Insurance

China Taiping Insurance Group (HK) Co. Ltd.§

BBB+/Negative/A-2 bbb+ 2 Central Important Very strong High Insurance

China Zheshang Bank Co. Ltd.

BBB-/Stable/A-3 bb 2 Zhejiang province Important Strong Moderately high Bank

CITIC Securities Co. Ltd.

BBB+/Stable/A-2 bbb 1 Central Important Limited Moderate NBFI

CSC Financial Co. Ltd.

BBB+/Stable/A-2 bbb 1 Beijing municipality Limited importance Very strong Moderately high NBFI

Export-Import Bank of China (The)

A+/Stable/A-1 NA N/A Central Critical Integral Almost certain Policy bank

GF Securities Co. Ltd.

BBB/Stable/A-2 bbb- 1 Guangdong province Limited importance Strong Moderate NBFI

Guangzhou Finance Holdings Group Co. Ltd.

BBB+/Negative/A-2 bb 4 Guangzhou city Very important Very strong Very high NBFI

Guosen Securities Co. Ltd.

BBB/Stable/A-2 bb+ 2 Shenzhen city Limited importance Very strong Moderately high NBFI

Guotai Junan Securities Co. Ltd.

BBB+/Stable/A-2 bbb 1 Shanghai municipality Limited importance Very strong Moderately high NBFI

Haitong Securities Co. Ltd.

BBB/Stable/A-2 bb+ 2 Shanghai municipality Limited importance Very strong Moderately high NBFI

Hangzhou Finance And Investment Group Co. Ltd.

BBB/Stable/A-2 bb- 4 Hangzhou city Very important Very strong Very high NBFI

Hua Xia Bank Co. Ltd.

BBB-/Stable/A-3 bb 2 Beijing municipality Important Strong Moderately high Bank

Huatai Securities Co. Ltd.

BBB+/Stable/A-2 bbb 1 Jiangsu province Limited importance Very strong Moderately high NBFI

Industrial and Commercial Bank of China Ltd.

A/Stable/A-1 bbb+ 2 Central Critical Very strong Extremely high Bank

Orient Securities Co. Ltd.

BBB-/Stable/A-3 bb+ 1 Shanghai municipality Limited importance Strong Moderate NBFI

Postal Savings Bank of China Co. Ltd.

A/Stable/A-1 bbb 3 Central Critical Very strong Extremely high Bank

Shanghai Pudong Development Bank Co. Ltd.

BBB/Stable/A-2 bb 3 Shanghai municipality Important Very strong High Bank

Shanghai Rural Commercial Bank Co. Ltd.

BBB/Stable/A-2 bb+ 2 Shangha Important Strong Moderately high Bank

Shenwan Hongyuan Securities Co. Ltd.

BBB/Stable/A-2 bbb- 1 Central Limited importance Strong Moderate NBFI

Zhongrong International Trust Co. Ltd.

BB+/Stable/B bb 1 Central Important Limited Moderate NBFI

Zhongtai Securities Co. Ltd.

BBB-/Stable/A-3 bb+ 1 Shandong province Limited importance Very strong Moderately high NBFI
Note: Ratings as of Apr. 24, 2023. N/A--Not applicable. *Uplift based on systemic importance. §The issuer credit rating is two notches below the group credit profile, which accounts for the structural subordination of the holding company's creditors versus the policyholders of its insurance subsidiaries. SACP--Stand-alone credit profile. GRE--Government-related entity. NBFI--Nonbanking financial institutions. Source: S&P Global Ratings.

image

image

Related Research

This report does not constitute a rating action.

Primary Credit Analyst:Charles Chang, Hong Kong (852) 2533-3543;
charles.chang@spglobal.com
Secondary Contacts:Susan Chu, Hong Kong (852) 2912-3055;
susan.chu@spglobal.com
WenWen Chen, Hong Kong + 852 2533 3559;
wenwen.chen@spglobal.com
Jenny Chan, Hong Kong +852 25333570;
jenny.chan@spglobal.com
Claire Sun, Hong Kong +852 25328023;
claire.sun@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in