绿色债券信用风险案例分析

A Case Study of Credit Risk of Green Bonds

摘要: 我国首批绿色债券已进入偿债期，在此背景下，绿色债券市场相继出现了信用风险事件。本文以出现主体评级下调现象的绿色债券“17丽鹏G1”为例，通过构建绿色债券信用风险评估框架，对其信用风险进行识别，深入分析评级下调的原因。为更好地解决绿色债券的信用风险问题，我国应提高绿色债券评级指标体系的透明度，给予绿色债券优先受偿权力，并成立权威独立的绿色认证机构。

Abstract: The first batch of green bonds in China has entered the debt repayment period. Under this back-ground, credit risk events have appeared in the green bond market. This paper takes the green bond “17 Lipeng G1” with subject rating downgrade as an example, identifies the credit risk of green bond by constructing the credit risk assessment framework, and deeply analyzes the reasons for the downgrade. In order to solve the credit risk problem of green bonds, China should improve the transparency of the rating index system of green bonds, give priority to green bonds to be paid, and establish an authoritative and independent green certification organization.