Anqing Yixiu District Beautiful Village Construction Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Anqing Yixiu District Beautiful Village Construction Co., Ltd. (“AYVC” or “the company”)

The Issuer Credit Rating reflects a high possibility that the People’s Government of Yixiu District (“the Yixiu government”) would provide strong support to AYVC if needed, in light of its full ownership of AYVC, AYVC’s strategic importance as an important local investment and development company (“LIDC”) that is responsible for project development in Yixiu District, Anqing City (“Yixiu”), and the linkage between the Yixiu government and AYVC, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing operational and financial support. In addition, the Yixiu government may face significant negative impact on its reputation and financing activities if AYVC encounters any operational and financial difficulties.

The Stable Outlook reflects our expectation that AYVC’s strategic importance would remain intact while the Yixiu government will continue to ensure AYVC’s stable operation.