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1、 MOODYS.COM 11 FEBRUARY 2013 NEWS only 6% of the 2011 funds were for social welfare purposes, down from 29% in 2010. The governments move to use more dividends from SOEs for its social welfare spending will reduce the funding pool available for State-Owned Assets Supervision and Administration Commi
2、ssion to help troubled SOEs and/or support their growth. NEWS D+/ba1 stable),4 China Construction Bank Corporatio (A1 stable; D+/ba1 stable), nAgricultural Bank of China (A1 stable; D/ba2 stable), Bank of China Ltd. (A1 stable; D/ba2 stable) and Bank of Communications (A3 stable; D+/ba1 stable). Maj
3、or Chinese Banks Government Ownership, Return on Equity, Dividend Payout and Tier-1 Ratios Government Ownership 1 Return on Equity 2 Dividend Payout Ratio 3 Tier-1 Capital Ratio 4 Agricultural Bank of China 83% 23.0% 35.0% 9.8% Bank of China Limited 68% 18.7% 34.8% 10.4% Bank of Communications 40% 1
4、8.6% 12.2% 11.6% China CITIC Bank 63% 19.7% 22.0% 10.1% China Construction Bank Corporation 57% 24.2% 34.9% 11.4% China Everbright Bank 59% 24.4% 29.8% 8.2% Industrial capital city shown on list. Source: IMF World Economic Outlook Database, September 2011, Numbeo Debra Roane Vice President - Senior
5、Credit Officer +612.9270.8145 Alaistair Chan Assistant Director +612.9270.8148 NEWS these 42 aircraft collectively collateralize the C-tranche EETC issued in Series 2012-3C. Although a protracted 787 grounding or other event that has a permanent adverse affect on the value of the aircraft could ex
6、ert pressure on the EETCs credit quality, we do not expect such an outcome at this time. The A and B tranche ratings of the Series 2012-1 and Series 2012-2 EETCs remain Baa2 and Ba2, respectively. The rating on the C-tranche of Series 2012-3C remains B1. The grounding of the 787 provides no basis fo
7、r Continental to stop paying the required debt service on the equipment notes for these aircraft. The grounding prevents Continental from using the 787s for the time being, but the airline continues to need the 737s underlying the EETCs. Continental will be motivated to continue servicing all of the
8、 notes in each EETC because of the cross-default and cross-collateralization features of the notes in each transaction. This feature is a primary factor supporting our view that the 787 grounding does not affect the EETCs credit quality, even if it is prolonged. Pursuant to the terms of the notes in
9、dentures, any action by the US Federal Aviation Administration or any governmental entity that prohibits the use of an aircraft for 180 days would be considered an event of loss, unless Continental takes steps to return the aircraft to normal service. However, if the prohibition applies to the entir
10、ety of Continentals US registered fleet of a particular aircraft type, as is the case with the 787, the event of loss would occur after two years if the company has not taken steps to return at least one of the subject aircraft to normal service, or at the end of three years. Under an event-of-loss
11、scenario, the airline has 45 days to elect to either pay off the notes of the subject aircraft or replace the aircraft with an aircraft of similar type and condition or value. In the unlikely event that regulators ground the Dreamliner for longer than the timeframe detailed in the note indentures, w
12、e expect Continental to pay off the respective 787 notes because it does not have other aircraft of comparable value that could act as substitute collateral. Under such a scenario, the financings would otherwise remain intact, with still supportive loan-to-value ratios following the pay-down of the
13、debt. The 787 aircraft will eventually return to service, which mitigates any threat of meaningful erosion in the value of the aircraft. We therefore do not anticipate any meaningful pressure on the loan-to-values of these particular EETCs. However, values could be trimmed if the 787 does not receiv
14、e 330-minute extended overwater operations (ETOPS) certification after its return to service. This would modestly increase loan-to- values, although their levels would still support the current A-tranche ratings. The extended ETOPS certification is a value driver for the 787 aircraft, since having i
15、t would give operators increased route flexibility to connect long-haul destinations by overflying hubs, providing greater convenience and value to customers. Pressure on loan-to-values could also arise if the path to returning the 787 to service results in a redesign of the power or electrical syst
16、ems that increases the aircrafts weight or reduces the operational efficiency of the aircraft. Jonathan Root, CFA Vice President - Senior Credit Officer +1.212.553.1672 NEWS in this case, multiple sclerosis treatment is moving towards new oral products such as Novartis AGs (Aa3 stable) Gilenya and Sanofis (A2 positive) Aubagio and away from older inj
