West China Cement Limited -- Moody's downgrades West China Cement to B1; outlook negative (Simplified Chinese translation)
/nwsys/www/images/PBC_147317 ??? ??? ????? Moody's Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????? - ???? ????? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??????: Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????????? 1 ????????????? B1,????? (?????????????????,???????) ??, 2012 ? 11 ? 13 ?—???????????????????? (????)?????????????????? Ba3 ??? B1? ???????? ?????????????????? 2012 ???????,? 2012 ? 8 ? 22 ????????? ???? ?????????: “?????????????????????? ??????????????????????” ??????????????????,????????? 2011 ? 12 ????? 5.66 ?????? 2012 ? 6 ????? 1.74 ??,???? ???????,????? 12.5 ????????????????? ????????? ????? 2015 ???????? 3,000 ????????????? ?,???????????????,?????????????? ?????,??????????????????????? ?????:“????,???????????????????? ???,??????????,???????????” ??????????????????? 240-245 ?,??? 2012 ?? ???????? 235 ?,????? 2011 ?????????? 289 ???????? 12 ????????????????? ????????? 2 ???????????????????????????????? ?????????????? 20%??,?? 2011 ?? 25.9%? ??????,??????????????,????????? B1 ???????????????????????? /EBITDA ??? 4.0 ? -4.5 ???, EBITDA/????? 3.5 ?-4.0 ???? ? B1????????????????????????????,? ?????????????????????????? ???????????????????,???????????? ?,???????????????,?????????????? ?? ????????????????,??????????????? ??,????????????????????????????? ??????? ???????????????,????????????: (1) ?? ????????,????????????????; (2) ???? ?,???????????? 30%-40%?????;?(3)????? ?,?????????? 20%??? ????????,????????????????: (1) ????? ????????; (2) ?????????,?????????;(3)? ???????,?? EBITDA/?????? 3.0 ???,??/ EBITDA ??? 5.0 ???? ???????????????????????? 2009 ? 7 ???? «??? ???? ??? ??» (Global Building Materials Industry Methodology)?????????,??? www.moodys.com ?“????” ?? ????????????????????? 2011??,?????? 1,620???????????????????,?????????? ????? ????????? 3 ??,??????????,? 2011?5????????????,? ???????????? ????? 2010 ? 8 ?????????,???????????? 38.53%? ???? ???????????????????????????????, ???????????(??: One Canada Square, Canary Wharf, London E 14 5FA, UK)???????????? Regulation (EC) No 1060/2009 ? 3 ?? 4 ?????? ?????????????????????? ???????????,??? www.moodys.com? ??????????????????????,????????? ????????????????????(?????????,? ???????????)???????????????????? ???????,???????????????????????? ??,????????????????????????????? ????????,?????????????????????? ?,??????????????????????,??????? ?,?????????????????????????????? ?????? www.moodys.com ???/?????????? ????????????????????,??????????? ???? ????????????????????:??????????? ???????????????????? ???????????????????????????????? ?????????? ???????????,???????????????????? ????,?????????????,??(???)?????? ????????????,??????????????????? ????????????? ?????????????,??? www.moodys.com ??????? ????????? 4 (A) ?? MCO ?????( 5% ??)???,?(B) ?? MCO ???? ????????????????????,?? (C) ?? MIS ???? ???????????????? MCO ?? 5% ????????? ?,??? www.moodys.com ???????????????????? ??????( Moody’s Corporation)?????????,?????? ?????????? ???????????????????????????,??? www.moodys.com ?????????????????? ???????????????,??? www.moodys.com ????/? ?????????? ???????????????????????????????? ??????,???????????,????????????? ???????????????????????????????? ?? www.moodys.com ??????? ??????????????????????????????,? ?? www.moodys.com? Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 -?- ????????? 5 © 2012,?????????(Moody’s Investors Service, Inc.)?/??????????,?????“??” ( MOODY’S)?????,????? ????????? (“MIS”)???????????????????????????????????? ???????????,??????????????( “?????”)??????????????? ????????????????????????????????????????????????? ?????,?????????????????????????????????,??????:?? ????????????????????????????????????????????????? ???????????????????????,????????????????????????? ????????,???????????????????????????????????????? ????????????????,???????????????????????????????? ???????? ???????????? (?????????)??,??????????,????????????? ??????????????????????????????????????????????,?? ????????????????????????????????????????????????? ????????????????,?????? “???”???,?????????????????? ????,????????????????????????,?????????????,??(?? ?)??????????????????,???????????????????????????? ????????????,??( a)??????????????????????????????? ???????(???????)??????????(?????????????????????? ????????)???????????????????????,?( b)???????????? ??????????????(???????????),??????????,?????????? ??????????????????,?????????????????????????????? ??????????????????????(???)??????????????,??????? ????????????????????????????????????????????????? ????????????????????????????????????????????????? ?????????????????????????? ?? (????(MCO)?????????????)????,????????????(???????? ?????????????)?????????????????,????????????????? ?????????,?????? $1,500 ??? $2,500,000 ???????(MCO)???(MIS) ?????? ??,??? MIS ????????????MCO ??????????????? MIS ????????? ????????????? MCO ?? 5% ???????????????????,????????? ?????? www.moodys.com“???? — ???? — ?????????” ?????? ?????????????????????? Moody’s Investors Service Pty Limited ABN 61 003 399 657 ??, ???????????????,??? 336969????????? 2001 (Corporations Act 2001)? 761G ?? ?????????????????????????,?????????,???? ”????”,??? ?? ”????”????????,???????????????????? 2001 (Corporations Act 2001)? 761G ?????”????” ?????????? ???????, Moody’s Japan K.K.(“MJKK”)? 2010 ? 10 ? 1 ????????????? MJKK ????? ????????????????????????????????,??? “??”(MIS)????? “MJKK”??? MJKK ? Moody's Group Japan G.K.??????????????,? Moody's Group Japan G.K.?????? (MCO)???????? Moody’s Overseas Holdings Inc.????? ??????????????????????????,?????????????????????? ???????????????????????????????,????????????,???? ????????????? ]]>
