Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Feng County Industrial Development and Construction Holding Group Co., Ltd. (“FCIDC” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Feng County, Xuzhou City (“Feng County government”) would provide strong support to FCIDC if needed, in light of its full ownership of FCIDC, FCIDC’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for infrastructure construction and industrial park development in Feng County, Xuzhou City (“Feng County”), and the linkage between the Feng County government and FCIDC, 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 Feng County government may face significant negative impact on its reputation and financing activities if FCIDC encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that FCIDC’s strategic importance would remain intact while the Feng County government will continue to ensure FCIDC’s stable operation.