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为什么城投平台实力一般却能获得AA主体评级
时间：2020-07-21

在债券市场上，资信等级是一个企业履约状况和偿债能力的综合反映，低等级的企业较难获得金融机构的支持。因此，某种程度上评级是融资的通行证，而评级提高则可以降低融资成本。

2019年以来地方融资平台转型也在快速推进，多省份已制定融资平台转型方案，要求市级平台公司数量控制在3个以内，县级平台公司控制在2个以内。这意味着一些平台将注销或成为另一平台的子公司，一些平台则将整合在一起组成新的企业。

融资改善也是重要的原因，包括债务置换、承接防疫贷款等。如德阳发展评级调高因素中，债务置换是重要原因。“今年稳增长措施会使城投平台获得更多资源。”沪上某券商信评人士表示，“总体看，疫情对城投的负面影响较小，因此2020年城投债违约风险较低，仍是相对安全的债券种类。”

在城投评级中，地方经济财政实力、平台自身运营能力及财务水平是重要考量因素。在评级上调的报告中，一些报告要么没有将今年的经济、财政数据纳入考量，要么纳入考量后仍将评级上调。

 不同评级公司对区域经济的重视程度不一样，有的赋予权重很高，有的却不对所在区域的财政经济实力做出评价，伸缩性很大。目前评级公司并未因为地方财政收入负增长下调所在区域城投公司的评级。

随着平台转型的持续推进,城投融资能力分化还是很明显，低评级甚至未发债的城投融资仍然困难。这也反映了当前的评级困境，有的公司评级给不到AA，但因为市场竞争才给了AA。进元财富认为，城投主体评级上调背后一定程度上也反映了行业竞争日趋激烈的现状。在经济下行压力加大、地方财政收入下降的背景下，城投信用评级被广泛上调仍需关注。考虑到地方财政收支面临较大压力，相关评级结果还需审慎看待。

事实上近年来随着市场、政策环境的变化，不仅仅是城投平台融资产品失去了刚兑的信仰，包括发债主体在内的平台融资项目都存在一定风险，且近两年正处于转型风口，而大量城投债务面临集中到期，对城投平台而言是严峻的考验。

对于个人投资者而言，在挑选城投平台融资产品时，也需要擦亮眼睛，市场上很多AA主体评级的平台公司实际实力是达不到发债标准的，当然进元财富统计的有息负债到期情况也是评价违约风险的重要参考标准。

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