Chengdu Sino French Ecological Park InvestmentDevelopment Co., Ltd. (Surveillance Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB-’ global scale Long-term Issuer Credit Rating of Chengdu Sino French Ecological Park Investment Development Co., Ltd. (“CSID”); Issuer Rating Outlook is Stable.

The Issuer Credit Rating reflects a high possibility that the People’s Government of Longquanyi District, Chengdu City (“Longquanyi government”) would provide strong support to CSID if needed, in light of its majority ownership of CSID, CSID’s strategic importance as the sole state-owned entity for infrastructure investment, construction and operation in Chengdu Sino French Ecological Park (“Ecological Park”), and the linkage between the Longquanyi government and CSID, including control and supervision over the management, strategic alignment and ongoing operational and financial support. In addition, the Longquanyi government may face significant negative impact on its reputation, business and financing activities if CSID encounters any operational and financial difficulties.

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