Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB+’ global scale Long-term Issuer Credit Rating with Stable Outlook to Deyang Tianfu Jingcheng Investment Development Group Co., Ltd. (“DTJID” or “the company”)
The Issuer Credit Rating reflects a high possibility that the Deyang Municipal People’s Government (“the Deyang government”) would provide strong support to DTJID if needed. This mainly considers the Deyang government’s ownership of DTJID, DTJID’s strategic importance as an important local investment and development company (“LIDC”) responsible for project development in Deyang, especially in Tianfu Jingcheng. In addition, the linkage between the local government and DTJID is strong, including management supervision, strategic alignment and ongoing operational and financial support. Moreover, the local government may face significant negative impact on its reputation and financing activities if DTJID encounters any operational and financial difficulties.
Deyang is a prefecture-level city in Sichuan Province and a heavy equipment manufacturing hub. In 2024, Deyang’s GDP grew by 7.2% to RMB326.5 billion and the budgetary revenue grew by 9.2% to RMB20.1 billion.
The Stable Outlook reflects our expectation that DTJID’s strategic importance would remain intact while the local government will continue to ensure DTJID’s stable operation.