惠誉评级.docx

惠誉评级.docx

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惠誉评级

InternationalIssuerandCreditRatingScales

ThePrimaryCreditRatingScales（thosefeaturingthesymbols'AAA'–'D'and'F1'–'D'）areusedfordebtandfinancialstrengthratings.Thebelowsectiondescribestheiruseforissuersandobligationsincorporate,publicandstructuredfinancedebtmarkets.Fortheiruseinthecontextoffunds,pleaserefertothesection

Long-TermRatingsScales

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.

'AAA'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'D'tobeimminentorinevitable,includingthroughtheformalannouncementofacoercivedebtexchange.

RD:

Restricteddefault.

'RD'ratingsindicateanissuerthatinFitchRatings’opinionhasexperiencedanuncuredpaymentdefaultonabond,loanorothermaterialfinancialobligationbutwhichhasnotenteredintobankruptcyfilings,administration,receivership,liquidationorotherformalwinding-upprocedure,andwhichhasnototherwiseceasedbusiness.Thiswouldinclude:

a.theselectivepaymentdefaultonaspecificclassorcurrencyofdebt;

b.theuncuredexpiryofanyapplicablegraceperiod,cureperiodordefaultforbearanceperiodfollowingapaymentdefaultonabankloan,capitalmarketssecurityorothermaterialfinancialobligation;

c.theextensionofmultiplewaiversorforbearanceperiodsuponapaymentdefaultononeormorematerialfinancialobligations,eitherinseriesorinparallel;or

d.executionofacoercivedebtexchangeononeormorematerialfinancialobligations.

D:

Default.

'D'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'AAA'Long-TermIDRcategory,ortoLong-TermIDRcategoriesbelow'B'.

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.

AAA:

Highestcreditquality.

'AAA'ratingsdenotethelowestexpectationofcreditrisk.Theyareassignedonlyincasesofexceptionallystrongcapacityforpaymentoffinancialcommitments.Thiscapacityishighlyunlikelytobeadverselyaffectedbyforeseeableevents.

AA:

Veryhighcreditquality.

'AA'ratingsdenoteexpectationsofverylowcreditrisk.Theyindicateverystrongcapacityforpaymentoffinancialcommitments.Thiscapacityisnotsignificantlyvulnerabletoforeseeableevents.

A:

Highcreditquality.

'A'ratingsdenoteexpectationsoflowcreditrisk.Thecapacityforpaymentoffinancialcommitmentsisconsideredstrong.Thiscapacitymay,nevertheless,bemorevulnerabletoadversebusinessoreconomicconditionsthanisthecaseforhigherratings.

BBB:

Goodcreditquality.

'BBB'ratingsindicatethatexpectationsofcreditriskarecurrentlylow.Thecapacityforpaymentoffinancialcommitmentsisconsideredadequatebutadversebusinessoreconomicconditionsaremorelikelytoimpairthiscapacity.

BB:

Speculative.

'BB'ratingsindicateanelevatedvulnerabilitytocreditrisk,particularlyintheeventofadversechangesinbusinessoreconomicconditionsovertime;however,businessorfinancialalternativesmaybeavailabletoallowfinancialcommitmentstobemet.

B:

Highlyspeculative.