评估和量化运输部门上市公司信用风险的工具：指导说明

Guidance Note Tool to Assess and QuantifyCredit Risk from Public Corporationsin the Transport Sector Guidance Note © 2025 The World Bank1818 H Street NW, Washington DC 20433, USATelephone: +1-202-473-1000; Internet:https://www.worldbank.org/transport Standard Disclaimer This work is a product of the staff of the International Bank for Reconstruction and Development/World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarilyreflect the views of Executive Directors of the World Bank or the governments they represent.TheWorld Bank does not guarantee the accuracy of the data included in this work. The boundaries,colors, denominations, and other information shown on any map in this work do not imply anyjudgment on the part of the World Bank concerning the legal status of any territory or theendorsement or acceptance of such boundaries. This work is available under the Creative Commons Attribution Non-commercial 3.0 IGO license(CCBY-NC 3.0 IGO)https://creativecommons.org/licenses/by-nc/3.0/igo/deed.en. Under theCreative Commons Attribution license, you are free to copy, distribute, transmit, and adapt thiswork, for noncommercial purposes as long as full attribution to this work is given. Attribution Please cite the work as follows: World Bank,2025. Tool to Assess and Quantify Credit Risk fromPublic Corporations in the Transport Sector, Washington DC: WorldBank, License:CreativeCommons Attribution Non-commercial CCBY-NC3.0IGO. Translations If you create a translation of this work, please add the following disclaimer along with the attribution:This translation was not created by the World Bank and should not be considered an officialWorldBank translation. The World Bank shall not be liable for any content or error in this translation. Adaptations If you create an adaptation of this work, please add the following disclaimer along with theattribution: This is an adaptation of an original work by the World Bank. Views and opinionsexpressed in the adaptation are the sole responsibility of the author or authors of the adaptationand are not endorsed by the World Bank. Copyright Statement The material in this publication is copyrighted. Copying and/or transmitting portions or all ofthis work without permission may be a violation of applicable law. The International Bank forReconstruction and Development/The World Bank encourages dissemination of its work and willnormally grant permission to reproduce portions of the work promptly. Table of Contents Acknowledgements.........................................................................................................................................viIntroduction......................................................................................................................................................1Creditworthiness of Transport SOEs...........................................................................................................2What is creditworthiness?..................................................................................................................................2Features of transport SOEs................................................................................................................................2The Tool............................................................................................................................................................4Structure of the Tool............................................................................................................................................5References........................................................................................................................................................9 Figures Figure 1.Average fiscal injections as percentage of total assets, by sector............................................3Figure 2.Example of rating factors.....................................................................................................................7 Tables Table 1.Mapping of worksheets.........................................................................................................................8 Acknowledgements This note and the tool presented in the note were prepared by the Transport Global Practice of theInfrastructure Vice-Presidency at the World Bank. The tool builds on the credit rating tool developedby the Macroeconomics, Trade and Investment Department at the World Bank (World Bank 2022). The team for this activity was led by Matias Herrera Dappe and Daniel Benitez, under theguidance of Binyam Reja (Global Practice Manager for Transport) and Nicolas Peltier-Thiberge(GlobalDirector for Transport). The team comprised Aldo Musacchio, Claudia Bruschi, Esin Celasun,andGuillerminaMarto. The team would like to extend special thanks to the following experts for their comments:DanielPulido, Jean-Francois Marteau, John Graham, Stephane S