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Joint Credit Rating Co., Ltd. (hereinafter referred to as "Joint Credit") issued a follow-up rating announcement, determined that the long-term credit rating of China National Heavy Duty Truck Group is maintained at AA+, and the rating outlook is stable, and maintains a 10-level heavy truck CP01 (1081009) rating of A-1. According to reports, the short-selling period is 365 days, the issuance date is January 13, 2010, and the actual issuance is 700 million yuan with a nominal interest rate of 3.14%. The lead underwriter is CITIC Bank Co., Ltd. The issuance scope is the inter-bank bond market. The interest-bearing method is profitable with Ben.
The joint credit letter believes that Sinotruk is a leading company in the domestic heavy-duty auto industry. During the period under review, it benefited from the recovery of domestic and foreign economies and the gradual implementation of China’s policy of expanding domestic demand. The industry’s booming economy has rapidly rebounded and the company’s operating income has increased substantially. Ability to further enhance. The company has a relatively complete heavy-duty automobile manufacturing industry chain, a rich product lineage, leading technology, and comprehensive competitive strength. At the same time, the company's joint venture with German MAN helps to further consolidate its leading position in the industry. In addition, the company's cash assets and operating cash inflows are relatively large and have strong protection capabilities for the bonds of the current period. The joint credit letter also reminded investors that the competition pressure in the domestic heavy-duty auto market has been increasing. Each heavy-duty truck manufacturing company has cooperated with foreign autos or engine manufacturers, which has brought certain pressure on the company's market share and profit margin. Moreover, the scale of corporate debt has increased, and the current debt burden has slightly increased. The net cash flow from operating activities of the company has certain volatility.