电力生产行业信用评级方法.doc

电力生产行业信用评级方法 ? 电力生产行业信用评级方法 大公国际资信评估有限公司 二00九年七月七日 大公电力生产行业信用评级方法 目 录 摘要......................................................................................................................71 第一节 行业信用风险特征.................................................................................2 一、行业界定...................................................................................................2 二、中国电力生产行业信用风险要素..............................................................2 （一）政策和体制变动.....................................................................................3 1、电价改革促使电力生产行业竞争加剧.........................................................3 2、电力行业的环保节能政策...........................................................................3 3、针对下游高耗能行业的环保节能政策.........................................................3 （二）电价限制................................................................................................4 （三）周期性波动............................................................................................4 1、时间周期性.................................................................................................4 2、经济周期性.................................................................................................4 （四）发电燃料价格上涨.................................................................................5 （五）高进出壁垒............................................................................................5 （六）高财务杠杆............................................................................................5 （七）区位因素................................................................................................6 第二节 公司信用分析........................................................................................6 一、评级思路...................................................................................................6 （一）经营环境分析........................................................................................6 （二）经营与竞争分析......