Research On Corporate Bond Defaults And Credit Rating Based On Yongtai Energy

This paper selects Yongtai energy as the research object,introduces Moody’s scoring card model on coal industry,and draws on its credit rating parties.Therefore,the content of this paper is divided into two main parts.The first part is about the analysis of the causes of default.Starting from the background of the event of default,this paper systematically combs the causes and consequences of the event,and takes the macro,meso and micro as the main analysis framework,respectively from the economic environment,policy environment,rating environment,the development of the coal and power industry,profit quality,asset quality,debt structure and solvency detailed data and charts are presented to further analyze the causes of default.Among them,the typical reasons for default include: under the influence of macro environment and industry background on micro financial indicators,Yongtai energy’s assets are not realized seriously,the scale of interest bearing liabilities is large,and cash flow has insufficient coverage of debt.The second part is about the analysis of the credit rating results of the research object.This paper not only introduces the rating methodology of domestic thirdparty credit rating agencies,but also creatively analyzes the composition and use of foreign rating methodology with the help of Moody’s score card model.Taking Yongtai energy as an example,this paper makes a detailed and independent listing of rating ideas,rating calculation display,and interpretation of rating results,in order to show the real gap between domestic and foreign credit rating more clearly through a comprehensive review of the established fact.In addition,for the sake of further enhancing the persuasion of this paper on rating methodology,rating results,conclusions and improvement suggestions,as well as the research object,this paper also selects two representative companies in the same industry to make a comparative analysis of the rating methodology and results at home and abroad,It is also to verify the rationality of the rating results of Yongtai energy.Finally,this paper summarizes the differences between domestic and foreign credit rating in the aspects of differentiation,timeliness and foresight,and puts forward improvement measures from the four perspectives of the credit rating industry’s own characteristics,the social environment of development,the existing social phenomena and the various components of the bond market.