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城投公司分化明显，需关注主体信用与地区环境
城投公司、城投平台 时间：2020-07-07

标普信评最新发布的《中国城投面面观》显示，城投企业的潜在主体信用质量，主要由潜在个体信用状况和地方政府支持力度两个维度决定。不同地区城投企业的潜在主体信用质量的中位数，呈现出明显的差异。

有关市场人士表示，此次“16呼和经开PPN001”违约与其所在地区财力弱、区域内曾发生多起非标违约事件不无关系。中金研报表示，由于城投分层现象已出现，预计呼和经开违约事件不会给整个城投板块带来过大冲击，而对于部分类似区域城投估值，可能会有负面影响。与此同时，兴业证券固收团队也表示，城投个体资质差异加大，当前各地区城投实质上也已经出现分层，对城投企业不宜“一刀切”。

据中诚信统计显示，2019年1至9月，全国共发生20起城投企业非标违约事件，数量远高于2018年同期。其中，2019 年三季度有3起城投企业涉及非标债务违约事件，违约主体均在贵州，违约产品均为信托计划。中诚信研究院宏观金融研究部分析师袁海霞认为，从债务违约原因看，虽然今年上半年城投企业再融资政策有所放松，但是经济实力较弱区域的城投对政府回款或补贴依赖较大，在回款或补贴到位不及时且债务集中偿付期，容易发生非标债务违约。且从后续处理来看，由于非标债务信息披露有限，仅从既有公开信息看，发生非标违约后处理进程较慢。

从鲜有城投平台非标违约到去年的城投平台非标违约事件频繁出现，再到此次“16呼和经开PPN001”的城投平台私募债违约。城投债违约除呈现明显区域化特征外，事实表明，城投违约已经从非标项目向私募债传导。

值得注意的是，由于私募债信息披露透明度较低，违约事件频频发生，其隐含的信用风险也得到越来越多的市场关注。

进元财富认为，城投应该重点抓住当前债券市场宽松机遇，在政府支持下优化资产负债结构，增强发债能力，优化债务结构，避免债务集中兑付。为此我们为在售信托产品出具独立的风险评估报告，从区域环境、公司资产质量、债务结构、到期债务统计等多个方面评价项目安全性，为投资者筛选优质项目，实现资产增值。

 


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