natgillin/translations-raw huggingface dataset:
I forbindelse med de kinesiske kreditvurderingsbureauer er der således en alvorlig overrepræsentation i den øverste ende af kreditvurderingsskalaen.
However, as already explained in recital (199) above, the approval of the CBRC is required for the recruitment not only of senior management at the headquarters of a bank, but all levels of management, even managers appointed in overseas branches as well as managers responsible for support functions (e.g. the IT managers); and administrative approvals are required even for minor changes, such as selling more than 5 % of the shares of a bank, or changing domicile.
De har meget brede kreditvurderingsskalaer og har en tendens til at samle obligationer med betydeligt forskellige misligholdelsesrisici i én bred kreditvurderingskategori.
In fact, the Basel Committee on Banking Supervision only provides that the supervisor has the power to review, reject and impose prudential conditions on proposals to transfer significant ownership or controlling interests.
Desuden anvender udenlandske kreditvurderingsbureauer, som f.eks. Standard and Poor's og Moody's, typisk en opgradering af udstederens basiskreditvurdering baseret på et skøn over virksomhedens strategiske betydning for den kinesiske regering og styrken af en eventuel implicit garanti, når kinesiske obligationer udstedes i udlandet.
According to the Commission, such activities would rather fall under the responsibility of the bank management, without any need for the approval of the supervisory authority following the core principles for effective banking supervision of the Basel Committee on Banking Supervision.
Fitch angiver f.eks. tydeligt, hvor det er relevant, at sådanne garantier spiller en vigtig rolle, når virksomheden udsteder kreditvurderinger af kinesiske virksomheder.
In addition, the normative framework applying to all banks in China is much wider than only the two regulations governing the CBRC, as shown in recital (188) above, and the entire set of regulatory documents is legally binding, as explained in recital (200) above, so that they amount to more than acts of mere encouragement.
I løbet af undersøgelsen fandt Kommissionen yderligere oplysninger som supplement til denne analyse.
Moreover, verification visits in the sampled companies did not reveal any significant differences between loan conditions or rates provided by the private financial institutions, and those provided by publicly owned financial institutions.
For det første fastslog Kommissionen, at staten kan udøve en vis indflydelse på kreditvurderingsmarkedet.
Finally, the Commission noted that despite its explicit request, the JPMorgan Chase Bank (China) decided not to cooperate during this investigation.
Ifølge to undersøgelser, der blev offentliggjort i 2016, var der ca. 12 aktive kreditvurderingsbureauer på det kinesiske marked, hvoraf størstedelen var statsejede.
As a result, the Commission was not in a position to investigate factual circumstances on an individual basis as far as the JPMorgan Chase Bank (China) is concerned.
I alt var 60 % af alle virksomhedsobligationer i Kina med en rating blevet vurderet af et statsejet kreditvurderingsbureau.
After final disclosure, the Hankook Group reiterated its comments regarding the entrustment and direction of the JPMorgan Chase Bank (China), pointing in particular to the fact that if the Hankook Group had known that the bank needed to cooperate in the investigation, they could have requested the bank to do so.
Den kinesiske regering bekræftede, at der i undersøgelsesperioden fandtes 12 kreditvurderingsbureauer på det kinesiske obligationsmarked, heraf var 10 nationale kreditvurderingsbureauer, som omfattede Global Credit Rating Co. Ltd, Shanghai Brilliance Credit Rating & Investors Service Co. Ltd, Golden Credit Rating International Co. Ltd, China Chengxin Securities Rating Co. Ltd, Pengyuan Credit Rating Co. Ltd, Shanghai Fareast Credit Rating Co., Ltd, China Bond Rating Co. Ltd, China Securities Index Co. Ltd og Shanghai Credit Information Services Co. Ltd.
In this respect, the Commission noted that the questionnaire to the exporting producers already requested the company to provide a bank authorization, to allow the Commission to review information to be provided by the financial institutions.
Der var også to kinesisk-udenlandske joint venture kreditvurderingsbureauer, nemlig China Lianhe Credit Rating Co. Ltd og China Chengxin International Credit Rating Co., Ltd.
The exchanges between the GOC and the Commission on the cooperation of financial institutions were available in the open file, and the non-cooperation of JPMorgan Chase Bank (China) was disclosed to the company in the Information Document.
For det andet er der ingen fri adgang til det kinesiske kreditvurderingsmarked.
Therefore, the Commission considered this argument to be unfounded.
Det er i al væsentlighed et lukket marked, da kreditvurderingsbureauer skal godkendes af China Securities Regulatory Commission (»CSRC«) eller PBOC, inden de kan påbegynde deres aktiviteter.
Specificity
I undersøgelsesperioden var det ikke muligt for udenlandske kreditvurderingsbureauer som sådan at drive virksomhed på det kinesiske hjemmemarked, da markedet for kreditvurderinger var omfattet af kategorien »begrænset« i den kinesiske regerings Catalogue of Industries for Guiding Foreign Investment, og udenlandske kreditvurderingsbureauer havde forbud mod at udstede vurderinger af indenlandske obligationer.
As demonstrated in recitals (188) to (201), several legal documents which are specifically targeted at companies in the tyres sector, direct the financial institutions to provide loans at preferential rates to the tyres industry.
PBOC meddelte medio 2017, at de udenlandske kreditvurderingsbureauer på visse betingelser ville få lov til at foretage kreditvurderinger af en del af det indenlandske obligationsmarked, men dette var endnu ikke tilfældet i undersøgelsesperioden.
On the basis of these documents it is demonstrated that the financial institutions only provide preferential lending to a limited number of industries/companies which comply with the relevant policies of the GOC.
I mellemtiden oprettede udenlandske bureauer ikke desto mindre joint ventures med nogle af de lokale kreditvurderingsbureauer, som udsteder kreditvurderinger af indenlandske obligationsudstedelser.
The Commission therefore concluded that subsidies in the form of preferential lending are not generally available but are specific within the meaning of Article 4(2)(a) of the basic Regulation.
Disse kreditvurderinger følger imidlertid de kinesiske kreditvurderingsskalaer og er derfor ikke helt sammenlignelige med internationale kreditvurderinger, som forklaret ovenfor.
Moreover there was no evidence submitted by any of the interested parties suggesting that the preferential lending is based on objective criteria or conditions in the sense of Article 4(2)(b) of the basic Regulation.
I lyset af den situation, der er beskrevet i betragtning 237-241, konkluderede Kommissionen, at de kinesiske kreditvurderinger ikke giver et pålideligt skøn over kreditrisikoen ved det underliggende aktiv.
Benefit and calculation of the subsidy amount
På dette grundlag konkluderede Kommissionen, at selv om nogle virksomheder i stikprøven havde fået en god kreditvurdering af et kinesisk kreditvurderingsbureau, er sådanne vurderinger ikke pålidelige.
The Commission then calculated the amount of the countervailable subsidy.
Revolverende lån
For this calculation it assessed the benefit conferred on the recipients during the investigation period.
I henhold til de undersøgelsesresultater, der er beskrevet i afsnit 3.4.4 i antisubsidieundersøgelsen vedrørende varmvalsede flade produkter af stål med oprindelse i Kina, forstås ved revolverende lån et lån, som giver en virksomhed mulighed for at erstatte den kapital, der er tilbagebetalt på lån på udløbsdatoen, med frisk kapital fra nye lån.
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interest that the company pays on the government loan and the amount that the company would pay for a comparable commercial loan obtainable on the market.
Revolverende lån er normalt et tegn på låntagers kortfristede likviditetsproblemer og indebærer en større risikoeksponering for de banker, der yder dem.
In this regard, the Commission noted a number of specificities on the Chinese tyre market.
Eksistensen af revolverende lån i en given virksomhed blev derfor anset for et tegn på, at virksomheden befandt sig i en dårligere økonomisk situation, end det som årsregnskaberne umiddelbart synes at vise, og at der er en yderligere risiko i tilknytning til kortsigtede likviditetsproblemer.
As explained in sections 3.4.1 to 3.4.3 above, the loans provided by Chinese financial institutions reflect substantial government intervention and do not reflect rates that would normally be found in a functioning market.
I forbindelse med denne undersøgelse består Hankook-gruppen i Kina af to eksporterende producenter, to virksomheder, som leverer materialer til den eksporterende producent, og en salgsvirksomhed.
The sampled groups of companies differ in terms of their general financial situation.
Gruppens hovedsæde ligger uden for Kina, i Korea, og der er intet holdingselskab i Kina, som udøver kontrol over alle de virksomheder, der opererer i Kina.
Each of them benefitted from different types of loans during the investigation period with variances in respect of e.g. maturity, collateral, guarantees and other attached conditions.
I undersøgelsesperioden sikrede de eksporterende producenter sig hovedsageligt de nødvendige midler fra internationale banker beliggende uden for Kina samt fra den koreanske modervirksomhed og via en koncernintern cash pool-ordning.
For those two reasons, each company had a different average interest rate based on its own set of loans received.
De sikrede dog også visse kortfristede lån ved at sælge deres eksporttilgodehavender til kinesiske banker.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
De to eksporterende producenter i Hankook-gruppen befinder sig i en meget forskellig finansiel situation.
In this respect, the Commission followed the calculation methodology for preferential lending established in the anti-subsidy investigation on hot rolled flat steel products originating in the PRC and explained in the recitals below.
Den ene er en veletableret virksomhed med konstant overskud i perioden 2014-2016, den anden er blevet etableret på det seneste og har akkumuleret store tab siden etableringen, selv om den i 2017 for første gang havde overskud.
As a result, the Commission calculated the benefit from the preferential lending practices for each sampled group of exporting producers on an individual basis, and allocated such benefit to the product concerned.
Forholdet mellem gæld og aktiver er ret lavt i det ene tilfælde og meget højt i det andet.
Credit ratings
Samlet set når man sammenligner over en længere periode var den kombinerede rentabilitet for virksomhederne positiv, om end skrøbelig, i den betragtede periode, hvilket viser, at mindre ændringer i det interne eller eksterne erhvervsklima kunne føre til en tabsgivende situation for gruppen.
In the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, the Commission already determined that domestic credit ratings awarded to Chinese companies were not reliable, based on a study published by the International Monetary Fund, showing a discrepancy between international and Chinese credit ratings, combined with the findings of the investigation concerning the sampled companies.
Denne vurdering blev bekræftet under kontrolbesøget.
Indeed, according to the IMF, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies.
Kommissionen bemærkede, at Jiangsu Hankook Tire Co. Ltd (»JHT«) fik tildelt kreditvurderinger fra BBB+ til AA+ af kinesiske statsejede finansielle institutioner, hvorimod Chongqing Hankook Tire Co. Ltd (»CHT«) fik tildelt kreditvurderinger fra BBB- til A+ af samme statsejede finansielle institutioner.
This is not comparable to other markets, such as the EU or the US.
I lyset af de generelle fordrejninger gennem de kinesiske kreditvurderinger, der er omhandlet i betragtning 237-242, konkluderede Kommissionen, at denne kreditvurdering ikke var pålidelig.
For example, less than 2 % of firms enjoy such top-notch ratings in the US market.
Hvis man ser på den tabsgivende producents situation, kan der herske tvivl om virksomhedernes evne til at tilbagebetale deres gæld.
Chinese credit rating agencies are thus heavily skewed towards the highest end of the rating scale.
Langt størstedelen af de lån, der blev ydet til virksomheden, var imidlertid koncerninterne lån fra den koreanske modervirksomhed.
They have very broad rating scales and tend to pool bonds with significantly different default risks into one broad rating category.
Virksomheden havde kun en begrænset mængde kortfristede lån fra kinesiske banker.
In addition, foreign rating agencies, such as Standard and Poor's and Moody's, typically apply an uplift over the issuer's baseline credit rating based on an estimate of the firm's strategic importance to the Chinese government and the strength of any implicit guarantee when they rate Chinese bonds issued overseas.
Kommissionen fandt, at disse kortfristede lån ydet af en kinesisk finansiel institution faktisk var revolverende lån.
Fitch for example clearly indicates, where applicable, that such guarantees are a key driver underlying its credit ratings of Chinese companies.
Efter fremlæggelsen af oplysningsdokumentet gjorde Hankook-gruppen gældende, at disse lån var flere på hinanden følgende kapitaludtræk som led i en bredere rammeaftale.
During the investigation, the Commission found further information to complement this analysis.
Efter en yderligere analyse accepterede Kommissionen Hankooks påstande om arten af disse lån og tilpassede sine beregninger i overensstemmelse hermed ved at anvende rentesatsen på tidspunktet for kapitaludtrækket.
First, the Commission determined that the State can exercise a certain influence over the credit rating market.
Som nævnt i afsnit 3.4.1 fremlagde de kinesiske finansielle udlånsinstitutioner ingen vurdering af kreditværdigheden.
According to two studies published in 2016, there were around 12 credit rating agencies active on the Chinese market, a majority of which are state-owned.
For at konstatere, om der var tale om en fordel, måtte Kommissionen derfor vurdere, om rentesatserne for lån til Hankook-gruppen var på markedsniveau.
In total, 60 % of all rated corporate bonds in China had been rated by a state-owned ratings agency.
Den præmie, der forventedes på obligationer udstedt af virksomheder med denne rating (BB), blev derefter anvendt på PBOC's almindelige udlånssats for at fastslå markedsprisen.
The GOC confirmed that, during the investigation period, there were 12 credit rating agencies active on China's bond market, among which 10 domestic rating agencies, including Global Credit Rating Co. Ltd, Shanghai Brilliance Credit Rating & Investors Service Co. Ltd, Golden Credit Rating International Co. Ltd, China Chengxin Securities Rating Co. Ltd, Pengyuan Credit Rating Co. Ltd, Shanghai Fareast Credit Rating Co., Ltd, China Bond Rating Co. Ltd, China Securities Index Co. Ltd, Shanghai Credit Information Services Co. Ltd There were also 2 Sino-foreign joint venture credit rating agencies, namely China Lianhe Credit Rating Co. Ltd, and China Chengxin International Credit Rating Co.,Ltd
Dette tillæg blev fastsat ved at beregne det relative spread mellem indekser bestående af US-virksomhedsobligationer med AA-rating og US-virksomhedsobligationer med BB-rating på grundlag af Bloomberg-data for industrielle segmenter.
Second, there is no free entrance on the Chinese credit rating market.
Det således beregnede relative spread blev derefter lagt til referencerentesatserne som offentliggjort af PBOC på datoen for bevillingen af lånet og med samme løbetid som det pågældende lån.
It is essentially a closed market, since rating agencies need to be approved by the China Securities Regulatory Commission (‘CSRC’) or the PBOC before they can start operations.
Dette blev gjort individuelt for hvert enkelt lån til virksomheden.
During the investigation period, foreign rating agencies were not allowed as such to operate on the Chinese domestic market, since the credit rating market was included in the ‘restricted’ category of the GOC's Catalogue of Industries for Guiding Foreign Investment, and foreign credit rating agencies were prohibited from issuing domestic bond ratings.
Ligesom for lån i fremmed valuta i Kina gælder der en tilsvarende situation med hensyn til markedsfordrejninger og manglen på gyldige kreditvurderinger, eftersom disse lån også ydes af de samme kinesiske finansielle institutioner.
The PBOC announced mid-2017 that overseas credit rating agencies would be allowed to carry out credit ratings on part of the domestic bond market, under certain conditions, but this was not yet applicable during the investigation period.
Som tidligere konstateret blev virksomhedsobligationer med en BB-rating i relevante pålydender, der er udstedt i undersøgelsesperioden, derfor anvendt til at fastlægge et passende benchmark.
Nevertheless, in the meantime, foreign agencies did establish joint ventures with some local credit rating agencies, which provide credit ratings for domestic bond issues.
Efter fremlæggelsen af oplysningsdokumentet og efter den endelige fremlæggelse af oplysninger gjorde både den kinesiske regering og tre ud af de fire virksomheder, der indgik i stikprøven, indsigelse mod Kommissionens metode, hvorved der anvendes et relativt spread mellem US-virksomhedsobligationer med AA-rating og US-virksomhedsobligationer med en BB-rating til beregning af fordelen ved præferencelån.
However, these ratings follow Chinese rating scales and are thus not exactly comparable with international ratings, as explained above.
Alle disse hævdede, at Kommissionen burde have anvendt et absolut spread i stedet for et relativt spread mellem US-virksomhedsobligationerne med AA-rating og US-virksomhedsobligationerne med BB-rating.
In view of the situation described in recitals (237) to (241) above, the Commission concluded that Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
Der blev givet følgende begrundelser:
On this basis, even if some sampled companies were awarded a good credit rating by a Chinese rating agency, the Commission concluded that such ratings are not reliable.
Niveauet for det relative spread varierer med basisrentesatsen i USA: jo lavere renteniveaet er, desto højere vil det deraf følgende tillæg være.
Revolving loans
Niveauet for det deraf følgende benchmark varierer alt efter niveauet for PBOC's referencerentesats, hvorpå det anvendes.
Following the findings described in section 3.4.4 of the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, revolving loans are loans which allow a company to replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Jo højere PBOC's referencerentesats er, desto højere vil det deraf følgende benchmark være.
Revolving loans are usually a sign of short term liquidity problems of the borrower, and involve a greater risk exposure for the banks granting them.
Ifølge historiske data fra Giti-gruppen er det absolutte spread nogenlunde stabilt over tid, hvorimod det relative spread viser store udsving.
The existence of revolving loans in a given company was therefore considered an indication that the company is in a worse financial situation than what the financial statements would suggest at first sight, and that there is an additional risk related to short-term liquidity problems.
Det forhold, at Kommissionen konstaterede en fordel for alle lån i RMB, men ikke for de fleste lån i fremmed valuta, beviser, at anvendelsen af det relative spread er forkert.
For the purpose of the current investigation, the Hankook Group in China consists of two exporting producers, two companies providing inputs to the exporting producer, and one sales company.
De tre første spørgsmål blev allerede behandlet i sagen om varmvalsede flade produkter.
The headquarters of the Group are located outside China, in Korea, and there is no holding company within China exercising control over all the companies operating in the PRC.
Som det fremgår af betragtning 175-187 i sagen om varmvalsede flade produkter, afviste Kommissionen disse argumenter af følgende årsager:
During the investigation period, the exporting producers mainly secured necessary funds from international banks located outside of China, as well as the Korean mother company, and an intercompany cash pool agreement.
Selv om Kommissionen anerkendte, at forretningsbanker normalt anvender et tillæg udtrykt i absolutte tal, bemærkede den for det første, at denne praksis hovedsageligt synes at være baseret på praktiske overvejelser, da renten i sidste ende er et absolut tal.
However, they also secured some short-term loans by selling their export receivables to Chinese banks.
Det absolutte tal er dog udtryk for en risikovurdering, der bygger på en relativ vurdering.
The two exporting producers of the Hankook Group have a very different financial situation.
Risikoen for misligholdelse for en virksomhed med BB-rating er X % mere sandsynlig end en regerings eller en risikofri virksomheds misligholdelse.
One of them is a mature business with constant profits during the period 2014-2016, the other one has been more recently set up and has accumulated heavy losses since its start up, although it had been making profits for the first time in 2017.
Dette er en relativ vurdering.
The debt to assets ratio is quite low in one case and very high in the other case.
For det andet afspejler rentesatserne ikke blot virksomhedens risikoprofiler, men også lande- og valutaspecifikke risici.
When taken together and compared over a longer period, the combined profitability of the companies was positive though fragile over the period considered, indicating that minor changes in the internal or external business environment could expose the group to a loss-making situation.
Det relative spread afspejler således ændringer i de underliggende markedsvilkår, som ikke udtrykkes, når man følger logikken i forbindelse med et absolut spread.
This assessment was confirmed during the verification visit.
Ofte — som i det foreliggende tilfælde — varierer de lande- og valutaspecifikke risici over tid, og udsvingene er forskellige for de forskellige lande.
The Commission noted that Jiangsu Hankook Tire Co. Ltd (‘JHT’) has been awarded credit ratings ranging from BBB+ to AA+ by Chinese state-owned financial institutions, whereas Chongqing Hankook Tire Co. Ltd (‘CHT’) has been awarded credit ratings ranging from BBB- to A+ by the same state-owned financial institutions.
Da den risikofrie rentesats varierer over tid, kan det samme nominelle absolutte spread betyde en meget anderledes vurdering af risikoen.
However, the vast majority of loans granted to the company were intercompany loans from the Korean mother company.
For eksempel hvis banken vurderer den virksomhedsspecifikke risiko for misligholdelse til at være 10 % højere end den risikofrie sats (relativt skøn), kan det deraf følgende absolutte spread være på mellem 0,1 % (ved en risikofri sats på 1 %) og 1 % (ved en risikofri sats på 10 %).
The company only had a limited amount of short-term loans from Chinese banks.
Fra et investorsynspunkt er det relative spread således en bedre indikator, da det afspejler omfanget af afkastspread og den måde, hvorpå det påvirkes af det grundliggende renteniveau.
The Commission found that these short-term loans provided by a Chinese financial institution were actually revolving loans.
For det tredje er det relative spread også landeneutralt.
Following the disclosure of the Information Document, the Hankook Group submitted that these loans were successive withdrawals of capital within the context of a wider framework agreement.