On Monday morning, not long after I got to work, people's butts were not yet hot, and several news items popped up one after another on the news column of ND.

Major domestic credit rating agencies have successively issued announcements to downgrade the main rating of Kangyang Construction to.

Financial markets were in an uproar.

Because the grade means that the entity has a weak ability to repay debts, is greatly affected by the adverse economic environment, and has a high risk of default.

Immediately afterwards, Kangyang Construction Co., Ltd. also issued an announcement saying, "The company has received an investigation notice from the China Securities Regulatory Commission. According to the notice, because Kangyang Construction is suspected of violating securities laws and regulations, the CSRC has decided to open a case for investigation."

Subsequently, relevant people in the financial industry got news from various sources that the CSRC's investigation may be related to the use of funds raised by Kangyang Construction and audit violations.

At the same time, the accounting firm that conducted the audit for Kangyang Construction also received a warning letter from the CSRC.

But the reality is much more than that.

On the very next day, Huigong International Credit Rating Co., Ltd. downgraded Kangyang Construction's main rating from CCC to CCC, with a negative outlook.

Then, the major credit rating agencies issued announcements as if they had made an appointment, and also further downgraded Kangyang Construction's rating to CCC.

CCC rating means that the rated entity has very poor credit and is almost insolvent.

Subsequently, Huigong International issued an announcement stating that August 6 was the payment date for the resale of "1X Kangyang Construction Bonds", and as of the date of the announcement, Kangyang Construction's financing channels were limited, the management and financial risks were relatively large, and the debt repayment measures had not been substantially promoted, and it was extremely difficult to repay the principal and interest of the "1X Kangyang Construction Bonds" through its own funds, and the credit risk was further increased.

This can be described as a thunderstorm in various financial institutions and major financial discussion groups.

Financier A:? The faith of credit debt, which is gone?

Financier B: The mountain rain is about to come and the wind is full of buildings, and the domestic bond market is afraid to experience a bloody storm that has never been experienced before.

Financial person C: For financial institutions with positions held by Kangyang Construction, don't think about this year's year-end bonus...... Investment experience crying fainting in the toilet.

Financial person Ding: This matter will have multiple impacts on China's market, especially the bond market, the credit spread of industrial bonds has increased, the financing capacity of state-owned enterprises and private enterprises has been differentiated, and the credit financing ability of some issuers has shrunk.

Financial person E: The upstairs boss, the analysis is really good! Worship! Worship!

Each family has its own mood.

Ling Yi of the Hengchuan Credit Management Department has finally come out of the "bitter end", and when he mentioned this matter at the weekly meeting, the company's attitude towards him has obviously changed. In detail, he really avoided a major loss for the company.

In retrospect, Xing Yansong's peacock face was so green that it was really happy.

For the company, it is more important - this default scandal, Hengchuan's reputation has not been affected in the slightest. On the contrary, it has received praise from the industry.

In the past few days, many investors have asked whether various financial institutions have stepped on the thunder.

The institutions that stepped on the thunder couldn't wait to cover the mouths of the questioners, wilting like frosted eggplants.

The colleagues of the institutional finance department and the personal finance department of Hengchuan can be said to be very proud to say to customers: "To tell you the truth, our investment manager of Hengchuan really asked about this need, but was killed by our risk control and credit management department."

"Our risk control boss judged early on that there would be a problem with Kangyang Construction, and resolutely refused to let us invest. Let me show you, this is a report written by our company more than half a year ago. I'm showing you all the internal credit rating reports, which is a strong proof that our credit rating is great, right?"

Most investors will also praise it from within.

"I heard that many financial institutions in the market have stepped on the thunder, as far as we know, even Longsheng and they have Kangyang Construction to hold positions, your credit rating is really good!"

"Of course, our credit rating researchers in Hengchuan are all top-notch professionals, and if the investor's money is placed in us, you can rest assured. Ladies and gentlemen, will the amount of money in the coming year be as much as possible for my family?"

But at this moment in Hengchuan, there are also people who feel mixed tastes and can't explain clearly.

Wang Hao, a researcher in the construction industry, doesn't know whether he should be happy or depressed.

Although the department had previously held a credit review meeting on Kangyang Construction, he also changed his initial conclusion and voted against the investment. Although, he did later discover the problems that existed in Kangyang Construction.

However, he never really thought that Kangyang Construction would default on the contract, and he always felt that such an unprecedented thing would not happen to the construction industry he was responsible for.

It should also be textiles, or other industries with excess capacity......

But who would have thought that Kangyang Construction would really breach the contract?

It was discovered by an intern child who has not graduated now?

He was ashamed and afraid.

I am ashamed that I did not discover the problems of Kangyang Construction in time and draw the due conclusion that my level is not as good as that of interns. What I'm afraid of is what would he have done without this intern? Will he still be able to stay in Hengchuan?

Reality doesn't allow him to think too much.

I don't know when, Ling Yi has already walked behind Wang Hao.

He knocked on Wang Hao's table, "What's wrong? Stunned? Let's go, come with me to Mr. Chu's office." Ling Yi's footsteps were very light, Wang Hao didn't notice it, and when he heard Mr. Ling's voice at first glance, he was startled.

He sorted out his thoughts and asked, "Do you need to bring a computer?" Mr. Ling."

"No, let's go."

Mr. Ling strode forward, and Wang Hao hurriedly got up to keep up with him.

After arriving at the office of President Chu, the Chief Risk Management Officer of Hengchuan, after entering the door, Wang Hao greeted "President Chu is good" and followed behind President Ling silently, without saying much.

Mr. Chu smiled and beckoned the two of them to sit down on the guest sofa.

"You believe that this time you will be meritorious."

Chu is always a gentle southern man, he always speaks slowly and logically on weekdays, and he has never seen him criticize anyone, but he can always give people a sense of not being angry and arrogant when they get along.

"That's the good leadership of Mr. Chu, and thanks to your strength to resist the pressure. If it weren't for your support for our work of credibility, I'm afraid we would have stepped on the thunder at this time, and everyone would be crying."

Mr. Ling usually doesn't smile at his subordinates and rarely says these witty words.

But generally facing his top boss Mr. Chu, he is smiling, especially today when the two of them are in a good mood, and he happily jokes with the leader.

"Let's be fair, I don't have much credit." Mr. Chu said, "You can find problems and make judgments, and I just believe in your professionalism. But you can't be proud of that. You have also seen what the situation is now, Kangyang Construction is clearly not going to repay the money, and it is estimated that it will take a long time to reach a conclusion, whether it is bankruptcy liquidation or whatever."

Ling Yi nodded and agreed, "You are right."

Mr. Chu continued, "If there is this first case, there will be a second case, and maybe there will be a third, fourth, and fifth case later...... Countless cases of default, these are difficult to say. However, we deduce that there is a high probability that these will happen in the future. In the future, the pressure on your credit evaluation will be great, and the responsibility will be heavier, so you must keep the bottom line of risk control.

"Mr. Chu, don't worry, we will definitely be the goalkeeper of our Hengchuan and strive not to put a risk target."

"It's not a fight, it's a must. I've also talked to our boss, and our requirement for your credit rating is zero risk, and Hengchuan is not allowed to step on thunder." Mr. Chu said solemnly.

Ling Yi pondered in his heart, this called us, and he didn't boast a few words, so he was waiting for me here?

Moreover, this is a big problem, and it will definitely happen often in the future, and it will be difficult to achieve zero risk

。

But he thought about it, since the top of the world had decided so much, what else could he say? I just liked it a little bit today, but don't always make these big guys unhappy, let's take a step at a time.

Ling Yi nodded and said, "Okay, Mr. Chu, we must work hard and never put risks into it."

Mr. Chu looked at Ling Yi and didn't speak, but looked at Wang Hao again, "This guy is the one you and Tang Yuwen brought over to build Kang Yang last time, I have an impression."

Ling Yi said, "Yes, it's him."

Wang Hao was stunned for a moment, and hurriedly said hello again, "Chu is always good."

"You're in charge of the construction industry in the credit management department?" Mr. Chu asked.

"Yes."

"Oh, this time it was good. However, I am still curious, how did you find out that there is a problem with Kangyang Construction?"

Seeing that Wang Hao was still stunned and didn't speak, Mr. Chu continued: "I have also carefully studied the situation of this subject, but after all, I am not as professional as you who specialize in credit evaluation. If I look at the face of this company's financial statements, there is nothing too serious wrong, right? Isn't the company that is worse than this company in default now? Why do you conclude that this company can't invest?"

"I think so, if you have some methods of your own, then share them, maybe it will be useful for your credit management department to judge similar situations in the future."

Wang Hao's face turned red all of a sudden.

He didn't find out about it.

Although, this is a rare opportunity to show his face in front of Mr. Chu, he should not take such credit, he has his own pride, and he will rely on his own ability to let Mr. Chu recognize him in the future.

But definitely not now.

After thinking about it, Wang Hao replied, "I'm sorry Mr. Chu, I wasn't the first person to find out that there was a problem with this company."

"Oh?" Mr. Chu raised his eyebrows, "Who is that?"

Wang Hao looked at Ling Yi, not knowing whether he should answer truthfully. Ling Yi didn't hide it when he saw this, "That's Mr. Chu, at that time, there was a review meeting in our department, and when I listened to his report, I did feel that there were a few problems. However, in the end, it was actually an intern in our department at the time who explicitly spoke out about these issues."

This answer made Mr. Chu even more surprised, "Intern? Is this intern still interning in your department?"

Ling Yi said helplessly: "Mr. Chu, she is not in our department, she is an intern in the investment banking department!"