Chengdu Airport Xingcheng Investment Group Co., Ltd. (Surveillance Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB’ global scale Long-term Issuer Credit Rating of Chengdu Airport Xingcheng Investment Group Co., Ltd. (“CAXIG” or “the company”); Issuer Rating Outlook remains Positive.

The Issuer Credit Rating reflects a high possibility that the Shuangliu District People’s Government of Chengdu (“Shuangliu government”) would provide strong support to CAXIG if needed, in light of its majority ownership of CAXIG, CAXIG’s strategic position as one of the most important local investment and development companies (“LIDC”) in Shuangliu District of Chengdu City (“Shuangliu”) and the strong linkage between the Shuangliu government and CAXIG including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Shuangliu government may face significant negative impact on its reputation and financing activities should CAXIG encounter any operational or financial difficulties.

The Positive Outlook reflects our expectation that CAXIG’s strategic importance would be strengthened given its strategic development role, while the Shuangliu government will continue to ensure CAXIG’s stable operation.