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Fitch Ratings Updates Analytical Comparative Tool for Chinese Local-Government Financing Vehicles

Fitch Ratings-Hong Kong/New York-26 August 2021: Fitch Ratings has released an update of its comparative tool for Chinese local-government financing vehicles (LGFVs), the IPF China Fitch Analytical Comparative Tool (FACT).

Updates are minor and includes the updates of data for the 2020 financial year for certain entities.

The Excel-based tool provides interactive data visualisations and peer comparisons that provide insight into Fitch’s analyses of Chinese LGFVs. Users can also create customised charts and define peer groups.

The tool allows for comparisons between economic indicators, financial performance, and other key rating drivers of Chinese LGFVs.

The tool has the following sections:

Local Government Summary
Local government credit profiles are the anchors for the ratings of many Chinese LGFVs. The tool provides side-by-side comparisons of select economic and fiscal metrics. Users can also compare onshore debt maturity profiles for different provinces.

LGFV Ratings Information and Peer Comparison
Compare key rating drivers for Fitch-rated LGFVs and filter by different variables, such as rating level, associated sponsoring government administrative tier, industry sector or customised peer groups.

In-Depth Issuer Analysis
This section allows users to drill down on key information for specific issuers and provides an overview of the integrated credit profile of the LGFV with its sponsoring government. Users can also analyse data on the credit profile of the LGFV, including rating history, historical financial metrics, and Fitch’s assessments of the key rating drivers.
Source: Fitch Ratings

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