中国石化新闻网讯 惠誉评级已授予北京能源国际控股有限公司（京能国际）“A”的首次长期外币发行人主体评级，展望稳定。惠誉同时授予该公司“A”的高级无抵押评级。

依据惠誉《母子公司评级关联性标准》下“母强子弱”的评级路径，京能国际的评级在持有其32%股权的母公司——北京能源集团有限责任公司（京能集团，A+/稳定）的评级基础上向下调整一个子级得出。

京能国际是京能集团具有战略重要性的可再生能源投资平台，预计2025年将对集团可再生能源目标贡献约73%。

京能国际肩负实施母公司能源转型战略的重任，力争在“十四五”发展规划期间（2021-2025年）实现在母公司境内目标风电光伏装机新增容量的87%。京能国际还将助力京能集团改善首都能源结构。京能国际将在内蒙古自治区和吉林省建设大型可再生能源基地，并输送“绿电”至首都北京。

惠誉基于京能国际的高速发展评定其增长潜力子因素为“高”。

该公司发展包括如下有利因素：装机规模快速扩张：京能国际计划在2025年末将其太阳能和风电总装机从2021年末的4吉瓦提高到22吉瓦。2022年前9个月的新增装机为849兆瓦，管理层预计，2022年的全年新增装机有望接近2吉瓦。惠誉认为，鉴于可再生能源不受燃料成本波动的影响，且现金流稳定性优于火电，可再生能源发展势头强劲有助于提升京能国际的业务状况。

发电利用小时数保持高位：京能国际太阳能发电项目的利用小时数从2021年上半年的708小时提高到2022年上半年的722小时，较全国平均水平高32小时，而其风电装机则在2022年上半年录得1308小时的利用小时数，比全国平均水平高154小时。这反映了该公司的项目选址优越，风能和太阳能资源充足。京能国际将继续在资源丰富地区开发项目，且很多项目将服务于用电需求稳健的京津冀协同发展区，因此，惠誉预计该公司未来项目的发电利用小时数仍将保持高位。

债务融资推高杠杆：惠誉预计，鉴于资本支出较高，京能国际在2022年至2025年期间的EBITDA净杠杆率将超过10倍，且自由现金流为负。但是，惠誉认为，京能国际可以从母公司及银行获得稳定贷款，并在必要时得到母公司有力支持，这将使得京能国际具备充足的财务灵活性以缓解高杠杆带来的影响。

与此同时，为助力其高速装机规模扩张，京能国际也在积极拓展多元化融资途径。该公司计划通过分拆的方式将公开募集基础设施证券投资基金，该基础设施基金将持有该公司两个共拥有400兆瓦光伏发电项目公司的权益。此外，公司还将发起总注册规模为50亿元人民币的资产支持证券/资产支持商业票据（ABS/ABCP）计划。

Fitch Assigns Beijing Energy International First-Time 'A' Rating; Outlook Stable

Fitch Ratings has assigned Beijing Energy International Holding Co., Ltd. (BEIH) a first-time Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'A' with a Stable Outlook. Fitch has also assigned a senior unsecured rating of 'A' to the company.

BEIH is rated one notch down from its 32% parent, Beijing Energy Holding Co., Ltd. (BEH, A+/Stable), based on a strong parent, weak subsidiary approach under Fitch's Parent and Subsidiary Linkage Rating Criteria.

We assess BEH has 'Medium' legal, strategic and operational incentives to support BEIH, which acts as a strategically important renewable-energy investment platform of BEH. It plans to account for around 73% of the group's renewable energy capacity target by end-2025.

BEH guaranteed 36% of BEIH's debt issued at offshore and onshore holding companies as of June 2022. We regard the guarantees to be of 'Medium' coverage and permanence, as BEIH may increase external borrowings without parental support as its asset base expands. Our factor assessment also reflects sizeable internal loans provided by BEH to BEIH's project and onshore holding companies.

It targets to contribute 87% of BEH's renewable-energy installation in China's 14th five-year plan period of 2021-2025. BEIH also fulfils BEH's mandate of improving Beijing's energy structure. The company will play a leading role in investing in large renewable-energy base projects in Inner Mongolia and Jilin province, whose power will be transmitted to the capital city.

BEIH's rapid expansion leads to a 'High' assessment of the growth potential subfactor. However, we believe BEIH makes a 'Low' financial contribution to BEH due to its current small asset scale.

Fast Capacity Expansion: BEIH targets to increase its total solar and wind power capacity to 22 gigawatts (GW) by end-2025, from 4GW at end-2021. Capacity addition was 849 megawatts (MW) in 9M22 and management estimates new capacity of nearly 2GW in 2022. We believe strong growth in renewable energy is positive for BEIH's business profile, as renewable energy has no exposure to fuel-cost fluctuation and has better cash flow predictability than thermal power.

High Utilisation Hours: The utilisation hours of BEIH's solar power projects improved to 722 hours in 1H22, from 708 hours in 1H21, and surpassed the national average by 32 hours. Its wind power capacity recorded 1,308 utilisation hours in 1H22, higher than the national average by 154 hours. This reflects the company's good project location with better wind and solar resources. We expect future projects to have high utilisation hours, as BEIH continues to develop projects at favourable locations and many of its new projects will serve the Beijing-Tianjin-Hebei greater area, which has solid demand.

High Leverage on Debt-Funded Capex: We expect EBITDA net leverage to exceed 10x in 2022-2025 due to high capex intensity, which keeps free cash flow in negative territory. Nevertheless, we think BEIH has adequate financial flexibility, buoyed by solid access to loans from the parent and bank financing, aided by parental support.

BEIH is exploring financing sources to fund its capacity growth and plans to list an infrastructure securities investment fund by spinning off two project companies with 400MW of solar capacity. It will also issue asset-based securities and commercial paper programmes, with total registration size of CNY5 billion, with BEH undertaking the obligation to pay the shortfall if the underlying assets cannot be recovered or are impaired.