Join our analysts as they discuss the key rating drivers underpinning Taiyuan Iron & Steel (TISCO), a leading stainless steelmaker under China Baowu Steel Group.
Discussion Topics:
- What are TISCO’s key credit strengths and challenges?
- What considerations underpin our assessment of parental support?
- What factors could lead to an upgrade or downgrade of TISCO’s rating?
- How does TISCO’s credit quality compare with rated peers?
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SpeakersClement Wong Managing Director, Corporate Finance Moody's Ratings
Roy Zhang Vice President - Senior Analyst, Corporate Finance Group Moody's Ratings
Kaustubh Chaubal Senior Vice President, Corporate Finance Moody's Ratings
Kai Hu Senior Vice President, Corporate Finance Moody's Ratings
Mike Zhu Vice President - Senior Analyst, Corporate Finance Moody's Ratings
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Clement Wong is a Managing Director and team leader with Moody’s Ratings Corporate Finance Group. Based in Hong Kong, he oversees a team of rating analysts covering Chinese industrial corporate entities in sectors including internet, technology, auto, chemicals, food and beverage and more. He and his team are also actively involved in Moody’s Greater China investor outreach activities and have been authoring sector- , issuer- and credit trend-specific research reports.
Clement is an auditor by training with PricewaterhouseCoopers and Deloitte. He has over 20 years of credit experience in the banking industry.
Prior to joining Moody’s in 2014, he was Country Credit Officer for Wholesale Banking in Hong Kong and Japan at Standard Chartered. Clement has also worked for several international banks, including Citibank, where he helped set up the commercial banking risk management team in China while stationed in Shanghai for almost five years. During his time at Citibank Shanghai, he also collaborated with other teams to build the bank’s framework for lending and approving credits; and before relocation to Shanghai, as Senior Credit Officer, worked on assessing large corporates’ credit exposure; and had been in charge of problem loan recovery for small-medium-sized companies.
Clement holds a Master’s degree in International and Public Affairs and a Bachelor of Social Science degree from The University of Hong Kong. He is also a CFA charterholder and a CPA.
Roy Zhang is a Vice President–Senior Analyst in Moody’s Corporate Finance Group. Based in Hong Kong, Roy covers a portfolio of industrial companies across China.
Prior to joining Moody’s, Roy worked as an executive for the mining company, Consolidated Minerals. Roy has also worked as a Credit Analyst for Fitch Ratings and an Equity Analyst for Bank of America Merrill Lynch, focusing on a wide range of sectors including material, industrial, metals & mining and automobile.
Roy holds an MBA from The Hong Kong University of Science and Technology and a Bachelor of Engineering with honors from the National University of Singapore.
Kaustubh Chaubal is a Senior Vice President with Moody’s Corporate Finance Group. Based in Singapore, he covers a portfolio of Indian and India-based issuers in the metals and mining (ferrous and non-ferrous), automobile, chemicals and pharmaceuticals industries.
Prior to joining Moody’s in 2015, Kaustubh spent eight years as a Ratings Advisor with Standard Chartered Bank in Singapore, the last two of which was as Head of ASEAN Ratings Advisory, while also covering issuers in the Middle East and Africa.
Kaustubh has also worked as a Senior Analyst at Standard & Poor’s India-based subsidiary, CRISIL, covering a broad array of industries including pharmaceuticals, building materials, chemicals, and investment holding companies. And, he has previously held analytical roles at ING Vysya Bank and Unit Trust of India Investment Advisory Services, as well as auditing roles at RM Ajgaonkar & Company and RD Samant & Company.
Kaustubh holds an MBA from The University of Chicago Booth School of Business and a Bachelor of Commerce from Mumbai University. He is also a Chartered Accountant with the Institute of Chartered Accountants of India.
Kai Hu is a Senior Vice President in Moody’s Corporate Finance Group, based in Shanghai. He covers a portfolio of large Chinese state-owned enterprises.
Before joining Moody’s, Kai worked in credit risk management, trade finance and project finance at various financial institutions, including Citigroup and China Merchants Bank in New York and Bank of Communications, Shanghai Pudong Development Bank in Shanghai.
Kai holds an MBA from Ross School of Business, University of Michigan, and a Bachelor of Shanghai Institute of Foreign Trade. He is also a CFA, FRM and a member of Chinese CPA association.
Mike Zhu is a Vice President - Senior Analyst in Moody’s Corporate Finance Group.
Based in Beijing, Mike supports the ratings and research on Chinese central and local state-owned enterprises across various industries.
Before joining Moody’s, Mike worked in the US and China and held analytical and portfolio management roles with banks. He covered corporates in a wide range of sectors, including oil and gas, healthcare, and manufacturing in the US, and his most recent role was with the credit department of Societe Generale Bank, where he focused on Chinese conglomerates.
Mike holds a BA from McCombs School of Business at The University of Texas at Austin.