Chengdu Airport Industry Xingcheng Investment Development Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Chengdu Airport Industry Xingcheng Investment Development Co., Ltd. (“CAIXID” 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 CAIXID if needed, in light of its indirect majority ownership of CAIXID, CAIXID’s strategic importance as the major local investment and development company (“LIDC”) that is responsible for infrastructure construction in Shuangliu District (“Shuangliu”), Chengdu City (“Chengdu”), and the linkage between the Shuangliu government and CAIXID, 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 CAIXID encounters any operational and financial difficulties.

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