●    企業評級和債務評級

Corporate Rating and Debt Rating

安融（香港）信用評級有限公司（“安融（香港）評級”）以漸進策略拓展國際市場業務，為發行人民幣債券、港幣債券及美元債券的國內和國際的企業與機構提供信用評級服務。

AnRong (Hong Kong) Credit Ratings Company Limited (ARHK) is expanding its international market business through a gradual strategy. ARHK provides credit rating services for domestic and international enterprises and institutions that issue RMB bonds, Hong Kong Dollar bonds, and US Dollar bonds.

●    委託評級和主動評級
Solicited Credit Rating and Unsolicited Credit Rating

信貸評級主要分為兩種類型的評級方式：委託評級和主動評級。安融（香港）評級均可為受評主體和債項提供以上兩種評級。安融（香港）在發佈的每一份評級報告中均註明該評級為委託評級或主動評級。

Credit rating mainly contains two types, referred to as solicited rating and unsolicited rating. ARHK provides the two approaches for rating issuers and debt securities.  Each public rating report is indicated whether the rating is solicited or unsolicited by ARHK.

(a) 委託評級

Solicited credit rating

安融（香港）評級採用發行人付費的模式提供委託評級服務，受評主體將根據與安融（香港）評級簽訂的評級協議支付評級費用。

安融（香港）評級制定了一系列的程式及機制，藉以盡量降低在其經營業務(或任何附屬業務)方面出現利益衝突的可能性。委託評級可為公開評級或私人評級，取決於受評主體或協力廠商的委託要求。關於委託評級，安融（香港）評級在評級分析過程中向受評主體獲取必要資訊及數據，並主動收集公開資訊。安融（香港）評級會根據評級流程中已制定的時間表發佈評級結果。安融（香港）評級會適時地公開宣佈是否終止了某項評級，其中包括確保在持續發布已終止的評級時，顯示該評級的最後更新日期、述明該評級已不再更新，及說明終止評級的一切理由。

私人委託評級是指安融（香港）評級據某人士作出的要求而專爲該人士擬備並只提供予該人士的評級，而該評級並非擬向公眾(不論在香港或其他地方)散發或以訂閱方式 (不論在香港或其他地方) 分發， (亦無合理期望該評級會如此散發或分發）只有在已按符合提供信貸評級服務人士的操守準則規定的方式擬備的情況下，方可於其後不論在香港或其他地方向公眾散發或以訂閱方式分發。

ARHK adopts the issuer-pay model for its solicited rating services. ARHK receives the rating fee from the rated entity according to a contract signed between ARHK and the rated entity.

ARHK has already established a series of procedures and mechanisms designed to minimize the possibility of conflicts of interest arising in its business operations (or any ancillary businesses). Solicited rating can be a public rating or a private rating requested by a rated entity or by a third party on an issuer's behalf.  For solicited public rating, ARHK obtains the required information and data from the rated entity and proactively collects information from the public for processing the credit rating analysis.  ARHK releases the rating results according to the schedule already established in the rating process. It also publicly announces in a timely and continuously manner whether a rating is discontinued and ensures to indicate the terminated ratings, including the date the rating was last updated, the fact that the rating will no longer being updated as well as full reasons for such discontinuation.

Solicited private rating refers to credit opinions or credit rating reports prepared by ARHK specifically for a person which is exclusively prepared for, and provided to. The ratings are neither intended for dissemination to the public or distribution by subscription, whether in Hong Kong or elsewhere, nor reasonably expected to be so disseminated or distributed. Private rating is only subsequently disseminated to the public, if such rating has been prepared in compliance with the provisions of The Code of Conduct for Persons Providing Credit Rating Services.

(b) 主動評級

Unsolicited Credit Rating

安融（香港）評級為受評主體完成主動評級，並不收取評級費用。受評主體沒有參與信貸評級過程及安融（香港）評級沒有受評主體的內部檔。當安融（香港）評級在已確定有足夠的公開資訊及數據運用於合適評級方法，並確保符合投資者利益時才會進行主動評級。安融（香港）評級通常會公開發佈主動評級結果。

ARHK completes unsolicited ratings for entities without charging any rating fees on the rated entities. The rated entities do not participate in the rating process. ARHK performs unsolicited rating, when it believes that there is sufficient public information available that meets its rating methodology, and that the unsolicited rating is of the interest of the investing public, despite ARHK has no access to the internal information of the rated entity. ARHK usually publicly release unsolicited ratings.

●    評級維度

Rating Dimensions

安融（香港）評級的評級服務包括主體評級（“受評主體”）和債項評級。主體評級是對發行主體整體信用品質及依時履行財務責任能力和意願的評估；債項評級則是對某一債項的信用品質提供意見。信用品質是指受評主體及其所發行的債項能否及時履行財務合同的義務的能力。安融（香港）評級採用一系列簡潔、清晰、一致和可比的評級符號來分別表達不同信用等級的信用品質。主體評級的評級級別按照受評對象的違約率確定，而債項評級的評級級別則基於在發生違約的情況下，可能發生的損失比率來確定。

ARHK offers rating services include issuer rating and debt issue rating. Issuer rating is a current assessment of an issuer's overall credit worthiness, its capacity and willingness to fully meet its financial obligations on time, whereas a debt issue rating is a current opinion on the credit worthiness of an obligor with respect to a specific debt issue. Credit worthiness refers to the ability of a rated entity and the debt issue to meet its contractual financial obligations on time. ARHK adopts a set of concise, precise, consistent and comparable credit rating symbols expressed in letters to summarize the respective credit worthiness at each credit rating level. An issuer rating is assigned according to its level of default probability, whereas a debt issue rating is on its possible loss percentage in the event of default.