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多家评级公司称,随着中国国务院总理李克强缩减对地方政府融资平台(LGFV)的隐性担保,中国境内的违约风险上升。评级为AA的三年期公司债券——LGFV的最常见评级——对主权债券的收益率溢价10月10日降至199个基点,比上个月触及的四年最低点扩大了21个基点。国务院10月2日表示,地方政府不得再通过其下设金融机构筹集资金,对于所筹资金并非用于公益性项目的债务,政府不负偿还责任。中国国际金融有限公司预言新发行债券的收益率将更高,惠誉国际信用评级有限公司的合资企业中国联合资信评估有限公司则表示不能排除违约的可能性。
Several rating agencies said the risk of default in China has risen as China’s Premier Li Keqiang curtailed its implicit guarantee for the local government financing platform (LGFV). Three-year corporate bond rating AA - LGFV’s most common rating - Premiums on sovereign bonds dropped to 199 basis points on October 10, 21 basis points more than the four-year low reached last month . The State Department said on October 2 that local governments will no longer be able to raise funds through its financial institutions and that the government will not be responsible for paying any debts that are not used for public welfare projects. China International Capital Corporation predicted that the yield on newly issued bonds would be higher, and China United Credit Rating Co., Ltd., a joint venture of Fitch Ratings Limited, said it could not rule out the possibility of default.