Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB’ global scale Long-term Issuer Credit Rating of Feicheng City Asset Management Group Co., Ltd. (“FCAMG” or “the company”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Feicheng City, Tai’an City (“Feicheng government”) would provide very strong support to FCAMG if needed, in light of its indirect full ownership of FCAMG, FCAMG’s strategic importance as an important local investment and development company (“LIDC”) that is responsible for major infrastructure construction and water operation in Feicheng City, Tai’an City (“Feicheng”), and the linkage between the Feicheng government and FCAMG, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing operational and financial support. In addition, the Feicheng government may face significant negative impact on its reputation and financing activities if FCAMG encounters any operational and financial difficulties.
Feicheng is a county-level city under the administration of Tai’an City. Its GDP grew steadily by 6.4% to RMB96.6 billion in 2024.
The Stable Outlook reflects our expectation that FCAMG’s strategic importance would remain intact while the Feicheng government will continue to ensure FCAMG’s stable operation.