Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Chengdu Aerotropolis City Development Group Co., Ltd. (“CACD” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Shuangliu District, Chengdu City (“Shuangliu government”) would provide very strong support to CACD if needed, in light of its majority ownership of CACD, CACD’s strategic importance as the sole local investment and development company (“LIDC”) that is responsible for transportation infrastructure construction in Shuangliu District, Chengdu City (“Shuangliu”) (“Chengdu”), construction development and industrial investment in the Chengdu International Airport Business District (“Airport BD”), and the linkage between the Shuangliu government and CACD, 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 Shuangliu government may face significant negative impact on its reputation and financing activities if CACD encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that CACD’s strategic importance would remain intact while the Shuangliu government will continue to ensure CACD’s stable operation.