何謂信用評級？

信用評級表達的是有關受評物件和債務信用品質的前瞻性意見，是對信用品質的相對排名。也就是說，獲得較高信用等級的發行主體與債務的信用品質高於獲得較低評級的發行主體與債務。信用評級是由獨立的評級機構根據獨立、客觀、公正、一致和審慎的原則，運用科學的評級方法進行綜合評級。評級物件的信用品質是衡量評級物件在特定期間或特定條件下履行相應經濟責任的能力與意願。

安融（香港）評級的評級方法論是否與其國內母公司及其他關聯公司的評級方法論不同？如果是，對於那些已經被安融（香港）評級的國內母公司或其他關聯公司評級的中國企業，安融（香港）評級是否會採用不同的評級方法？

與所有國際信用評級機構一樣，安融（香港）評級採用的信用評級理念及方法乎合國際投資者、債權人及金融仲介機構的需求。儘管每家信用評級機構的評級方法在一定程度上各有不同，但貫穿其中的評級原則具有普遍性。安融（香港）評級的評級方法論與其母公司及其關聯公司的在一定程度上也有所不同。其差異主要在於國際市場中市場參與者所關注的評級因素之權重的不同。因此，對於同一家受評公司，安融（香港）評級的評級結果可能與其國內母公司及其他關聯公司的評級結果不同。

安融（香港）評級在香港獨立提供信用評級服務，但在需要時，可能會請求其國內總部及其他關聯公司在中國收集數據供安融（香港）評級的分析師在香港進行評級工作。在此方面並無收入分成的安排。

安融（香港）評級如何維持評級透明度？

評級透明化是一項合規要求。安融（香港）評級在其網站上公佈評級的相關資訊，包括評級守則、評級流程、評級原則、評級方法、操作制度及評級結果披露等。

為什麼要調整某一受評主體的信用等級？

當安融（香港）評級監測到受評主體或債項的信用因素增強或者削弱其信用品質時，安融（香港）評級可能會調整受評主體或債項的信用等級。對受評主體和債項進行定期跟蹤評級或市場上獲得任何關於其的重要資訊也可能導致信用等級的調整。

安融（香港）評級如何確保評級的可比性？

安融（香港）評級通過評級表現研究來不斷追求不同行業與地域間評級的可比性。安融（香港）評級認為相同等級的受評主體或債項具有相似而不一定完全等同的信用品質。安融（香港）評級也認為評級的可比性能夠增強評級的實用性。然而在不同時間、不同地理區域間和不同細分市場間，經濟週期可能對受評主體的經營狀況產生的影響不同，這亦是令評級可比性降低的主要原因之一。

What is credit rating?

Credit ratings are an analytical result of the current credit worthiness of a rated entity or a debt issue and the rating agency’s forward looking opinions on their credit risk. As such, the higher the credit rating the stronger the credit worthiness of the Rated Target, the lower the credit rating is the weaker its credit worthiness. Credit ratings are assigned by independent credit rating agencies based on independent, objective, impartial, consistent, and prudent principles, as well as scientific methodology. Credit worthiness of a Rated Target is evaluated on its capacity and attendance to fulfill its financial obligations within a specific period or under certain specific conditions.

Is the credit rating methodology of ARHK different from its parent company and its subsidiaries in the domestic market of China? If so, will ARHK assign a different credit rating on a Chinese rated entity which is also rated by ARHK’s parent company or its subsidiary in the Chinese domestic market?

Like all international credit rating agencies,ARHK adopts credit rating principles and methodologies appealing to international investors, creditors and financial intermediaries. The rating principles are universal in nature although the rating methodologies adopted by each credit rating agency differ to a certain extent. ARHK’s credit rating methodologies also differ to a certain extent from its parent company and the latter’s subsidiaries in China. The differences mainly lie in the weighting of the credit factors concerned by the market participants in the international market. Therefore, credit ratings assigned by ARHK of the same rated entities rated by its parent company and its parent’s subsidiaries may be different from the domestic credit ratings.

ARHK carries out its credit rating analysis services independently in Hong Kong, but on a needs basis may request its parent company or its parent’s subsidiaries to help collect data in China for its analysts doing credit rating in their Hong Kong office. There is no fee-sharing arrangement in this regard.

How does ARHK maintain transparency of ratings?

Transparency is a performance compliance requirement. ARHK discloses relevant information about its rating codes, rating processes, rating principles, rating methodologies, operational policies, and rating disclosures on its website.

Why there is a need to change the credit rating of a rated entity?

ARHK changes the credit rating of a rated entity or a debt issue when ARHK finds changes in the credit situation of the rated entity or a debt issue that may strengthen or weaken the rated entity’s or the debt issue’s credit worthiness. Changes in credit rating may also be made due to the annual surveillance result or any critical information obtained from the market.

How does ARHK ensure the comparability of ratings?

ARHK ensures the comparability of ratings among different industries and geographic regions through its rating performance research. ARHK considers that rated entities or debt issues with the same credit rating should possess similar, but not necessarily identical creditworthiness. It also considers comparability of ratings can enhance ratings' practicality. However, at different times within different geographical regions and among different market segments, the impact of an economic cycle on a rated entity’s business operating conditions may differ. This is a major factor in causing difficulties for a credit rating agency to achieve comparability of ratings.