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FIEM044.pdf

Article Title : The Application of Z-score Model in Credit Rating-- Taking YL Co., Ltd. as an Example
Author(s) : Hongyun Jiang, Yunfei Shi
Corresponding Author : Hongyun Jiang
Keywords : Bond Defaults; Credit Rating; ZChina-score Model.
PDF : http://download.BCPub.org/proceedings/2020/FIEM2020/FIEM044.pdf
Abstract

In 2018, YL Co., Ltd. as the only private listed company in the coal sector, defaulted on bonds, which was started by the debt default of "17 YL CP004". Based on the modified ZChina-score model, this paper calculates the z-value of YL Co., Ltd.in the five years before its default, and analyzes the credit rating of YL Co., Itd. with the rating agencies in the same period to verify the applicability of the modified ZChina-score.

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