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2007'02.01.Thu
Xinhua Far East Downgrades Brilliance China Automotive Holdings Ltd to BBB- Issuer Rating, the Rating Outlook Changed from Stable to Negative
March 22, 2006

    HONG KONG, March 22 /Xinhua-PRNewswire/ -- Xinhua Far
East China Ratings today downgraded Brilliance China
Automotive Holdings Ltd ("CBA" or "the
Company", HK1114; NYSE: CBA) from BBB+ to BBB-
domestic currency issuer credit rating. The rating outlook
is also changed from stable to negative.

    The downgrade reflects Xinhua Far East's negative view
on CBA's competitiveness as an independent domestic brand
in the tougher Chinese sedan market and its falling market
position in the minibus sector.  It also incorporates
concerns about the Company's slow market responsiveness and
its battered image among consumers resulting from a
turbulent turnover of management, which has undermined its
market share and profitability.  The new rating also
reflects a possible liquidity risk if CBA convertible bond
holders execute their redemption options on the bond in
2006.

    Xinhua Far East notes that CBA's sedan sales have
slipped despite solid growth rates in China's sedan market
of 15.2% in 2004 and 24.3% in 2005.  As market growth
decelerates, CBA will face further squeezes with more
players entering the business sedan submarket, its major
revenue source in the past. CBA's weak R&D capability
prevents it from not only launching new models to catch up
with major rivals, but also from quickly expanding its
product lines to faster-growing niches like economic or
mini-sedans. 

    Moreover, the minibus sector, another core business for
the Company, has also been reporting disappointing results. 
CBA's share in the domestic minibus market fell from 24.2%
in 2000 to 15.5% in 2004.  The turnover and profit margin
of the minibus sector (including auto parts) has slid also,
largely due to lower prices and its condensed high-end
product mix.

    In Xinhua Far East's view, the turmoil in CBA's
management has impeded its responsiveness to the market and
impaired its ability to enhance operational efficiency,
while undermining consumer confidence in its products. 
Despite strong recovery in the Company's JV with BMW since
the launch of the BMW 3 series in Q205 and the opportunity
for the Company to enhance its competitive strength in the
low-to-medium end market with the recent launch of the
Junjie model, Xinhua Far East believes it will get little
help from its major business lines of minibus and Zhonghua
sedan in the near future.

    The rating outlook for CBA is negative.  Xinhua Far
East expects growth in sedan demand to stall even further
over the next few years after pent-up demand has been fully
released on account of the current market's aggressive price
cuts and greater availability.  The business sedan niche, an
area in which CBA used to excel, is more likely to be
affected by macro-controls. Additionally, it will take time
for the Company to establish a competitive position in the
rapidly changing household sedan market.

    The first China automaker to be listed abroad, CBA
produces the Zhonghua, Grandeur and Junjie sedans and the
Jinbei minibuses.  It sold 61,600 minibuses and 11,000
Zhonghua sedans in 2004, contributing to RMB6.54 billion in
turnover for the year.  CBA holds a 49% stake in Brilliance
BMW, a JV with BMW, which produces the BMW 5 series and 3
series in China.  Zhonghua is one of the key domestic
brands in China's sedan market.

    For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating . 

    Note to Editors:

    About Xinhua Far East China Ratings

    Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China.  It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd.  Shanghai Far East became
a Xinhua Finance partner company in 2003 and the first
China member of The Association of Credit Rating Agencies
in Asia in December 2003. 

    Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards.  Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies.  It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market. For more
information, see http://www.xfn.com/creditrating .

    About Xinhua Finance Limited

    Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY).  Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations.  Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe.  For more information, please visit
http://www.xinhuafinance.com . 
 
    About Shanghai Far East Credit Rating Co., Ltd

    Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China.  It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China.  The company
is a pioneer in conducting bond-rating business in China. 
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.

    Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence.  The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years.  With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion.  For more information, see
http://www.fareast-cr.com .

    For more information, please contact: 

    Hong Kong
     Joy Tsang, 
     Corporate & Investor Communications Director, 
     Xinhua Finance
     Tel:   +852-3196-3983, +8621-6113-5999 or
+852-9486-4364    
     Email: joy.tsang@xinhuafinance.com

    US
     David Leeney, 
     Taylor Rafferty (IR/PR Contact in US)
     Tel:   +1-212-889-4350
     Email: david.Leeney@taylor-rafferty.com

SOURCE  Xinhua Far East China Ratings

PR
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