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2014年以来,全球经济增速缓慢导致有色金属需求低迷,主要有色金属价格继续下行,受此影响我国有色金属企业盈利能力下滑,整体信用资质下降。本文对2014年以来有色金属行业发债企业主体信用级别或展望的分化原因进行分析,并对2016年有色金属行业的信用风险进行展望。2014年以来,全球主要经济体复苏进程有所反复,中国国内实体经济增速放缓,造成全球有色金属需求持续低迷,而美元走强的预期更加剧了对大宗商品价格的压制,因此2014年以来全球主要有色金属价格继续延续单边下降的趋势。受此影响,处于寒冬之中的
Since 2014, the sluggish global economic growth led to the sluggish demand for non-ferrous metals. The prices of major non-ferrous metals continued to decline. As a result, the profitability of non-ferrous metal enterprises in China declined and the overall credit quality declined. This article analyzes the reasons for the differentiation of credit rating or outlook of bond-issuing enterprises in non-ferrous metals industry from 2014, and forecasts the credit risk of the non-ferrous metals industry in 2016. Since 2014, the recovery process of the world’s major economies has been repeated. The slowdown of the real economy in China has caused the global non-ferrous metal demand to remain sluggish. The expectation of a stronger U.S. dollar exacerbated the repression of commodity prices. Since 2014, therefore, The prices of major non-ferrous metals in the world continued their unilateral decline. Affected by this, in the midst of winter