On September 14, China Chengxin International Credit Rating Co., Ltd. (hereinafter referred to as “China Creditâ€) lowered the subject’s credit rating and debt rating of Yingli Energy (China) Co., Ltd. (hereinafter referred to as “ Yingli China) to AA-. Yingli China is also another PV company that has suffered a downgrade after Jiangxi LDK.
According to the rating document issued by Zhongxin Cheng on September 14, Yingli China’s rating of the entity fell from AA to AA-, and its two-stage medium-term notes “12 Yingli MTN1†and “12 Yingli MTN2†also fell to AA-. This is less than a month before Zhongxin Cheng downgraded Yingli China's rating outlook to “negativeâ€.
With the decline in overseas demand, the operating environment of Yingli China has gradually deteriorated, the utilization rate of production capacity has decreased, and the company’s cash flow from operating activities also deteriorated. In addition, although the company's profitability has declined and the debt ratio has increased, the scale of the proposed projects under construction is still large.
As of the end of the first half of 2012, Yingli China had total assets of RMB 24.71 billion, owner's equity of RMB 4.355 billion, and asset-liability ratio of 82.37%. The company's operating income was 5.428 billion yuan and its net profit loss was 150 million yuan.
The two bills that were downgraded by the rating were all tendered on May 2 this year. They are interest-bearing on May 3, of which the three-year variety raises RMB 1.2 billion and the five-year variety raises RMB 300 million.
The downgrade of Yingli Ratings is not the first case of the PV industry. As early as September 3rd, Shanghai New Century Ratings Company lowered the credit rating of Jiangxi Saiwei from A+ to A, maintaining a negative outlook, and rating the medium-term note “11 Saiwei MTN†issued by Saiwei from A+. A.
Since the second half of this year, European countries have continuously reduced their policy support for photovoltaic power generation, and the growth rate of new installed capacity has been declining. At the same time, new production capacity in various countries has been gradually put into production. China's PV modules are mostly exported to Europe and the United States and have a high degree of foreign dependence. In the case of imbalance between supply and demand, the large-scale expansion of China's photovoltaic industry is again a trade dispute.
On September 6, the European Commission formally announced its anti-dumping investigation of solar energy products in China. Yingli Green Energy (YGE), a US-listed company under the Yingli Group, stated that the anti-dumping complaint against Chinese solar products received by the European Commission in July this year has no basis.
Faced with the dilemma of the PV industry, Chong Quan, deputy representative of the International Trade Negotiations Department of the Chinese Ministry of Commerce, said in consultation with EU officials on September 14 that the EU should not merely see the export of photovoltaic cells to the EU, but should also see that More than 200,000 jobs have been added to the EU photovoltaic power installation industry, exports of raw materials and technical equipment from the EU to China’s multi-billion-dollar exports, and the fact that the solar energy industry has accelerated the acceleration of energy transformation in the EU.
Chong Quan also pointed out that the current difficulties in the photovoltaic industry are problems faced by the entire industry, and it is impossible to attribute the difficulties of EU enterprises to the dumping of Chinese companies.
According to the rating document issued by Zhongxin Cheng on September 14, Yingli China’s rating of the entity fell from AA to AA-, and its two-stage medium-term notes “12 Yingli MTN1†and “12 Yingli MTN2†also fell to AA-. This is less than a month before Zhongxin Cheng downgraded Yingli China's rating outlook to “negativeâ€.
With the decline in overseas demand, the operating environment of Yingli China has gradually deteriorated, the utilization rate of production capacity has decreased, and the company’s cash flow from operating activities also deteriorated. In addition, although the company's profitability has declined and the debt ratio has increased, the scale of the proposed projects under construction is still large.
As of the end of the first half of 2012, Yingli China had total assets of RMB 24.71 billion, owner's equity of RMB 4.355 billion, and asset-liability ratio of 82.37%. The company's operating income was 5.428 billion yuan and its net profit loss was 150 million yuan.
The two bills that were downgraded by the rating were all tendered on May 2 this year. They are interest-bearing on May 3, of which the three-year variety raises RMB 1.2 billion and the five-year variety raises RMB 300 million.
The downgrade of Yingli Ratings is not the first case of the PV industry. As early as September 3rd, Shanghai New Century Ratings Company lowered the credit rating of Jiangxi Saiwei from A+ to A, maintaining a negative outlook, and rating the medium-term note “11 Saiwei MTN†issued by Saiwei from A+. A.
Since the second half of this year, European countries have continuously reduced their policy support for photovoltaic power generation, and the growth rate of new installed capacity has been declining. At the same time, new production capacity in various countries has been gradually put into production. China's PV modules are mostly exported to Europe and the United States and have a high degree of foreign dependence. In the case of imbalance between supply and demand, the large-scale expansion of China's photovoltaic industry is again a trade dispute.
On September 6, the European Commission formally announced its anti-dumping investigation of solar energy products in China. Yingli Green Energy (YGE), a US-listed company under the Yingli Group, stated that the anti-dumping complaint against Chinese solar products received by the European Commission in July this year has no basis.
Faced with the dilemma of the PV industry, Chong Quan, deputy representative of the International Trade Negotiations Department of the Chinese Ministry of Commerce, said in consultation with EU officials on September 14 that the EU should not merely see the export of photovoltaic cells to the EU, but should also see that More than 200,000 jobs have been added to the EU photovoltaic power installation industry, exports of raw materials and technical equipment from the EU to China’s multi-billion-dollar exports, and the fact that the solar energy industry has accelerated the acceleration of energy transformation in the EU.
Chong Quan also pointed out that the current difficulties in the photovoltaic industry are problems faced by the entire industry, and it is impossible to attribute the difficulties of EU enterprises to the dumping of Chinese companies.
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