Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A-’ 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 People’s Government of Shuangliu District, Chengdu City (“Shuangliu government”) would provide very strong support to CAXIG if needed, in light of its majority ownership of CAXIG, CAXIG’s strategic importance as the flagship local investment and development company (“LIDC”) for investment and financing of infrastructure construction in 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 importance would be strengthened given its strategic development role in involving in projects under the guidance of the Chengdu Municipal People’s Government (“Chengdu government”) and receiving support from both Chengdu and Shuangliu governments, while the Shuangliu government will continue to ensure CAXIG’s stable operation.