Chengdu Wenjiang Xingrongxi City Operation Group Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating to Chengdu Wenjiang Xingrongxi City Operation Group Co., Ltd. (“WXCO”). The Outlook is Stable.

The Issuer Credit Rating reflects a high possibility that Wenjiang District People’s Government of Chengdu (“Wenjiang government”) would provide strong support to WXCO if needed, in light of its 100% ownership of WXCO, WXCO’s strategic position as the major development and operation entity of Wenjiang District in Chengdu and the strong linkage between the Wenjiang government and WXCO including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Wenjiang government may face significant negative impact on its reputation and financing activities should WXCO encounter any operational or financial difficulties.

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