Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Jinan Quanbang Industrial Development Co., Ltd. (“JQID” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Tianqiao District, Jinan City (“Tianqiao government”) would provide moderately strong support to JQID if needed, in light of its indirect full ownership of JQID, JQID’s strategic importance as the key entity for investment and operation of industrial development projects in Jinan City’s Tianqiao District (“Tianqiao”) and the linkage between the local government and JQID, including appointment of the senior management, strategic alignment, supervision of major investment and financing decisions and ongoing operational and financial support. In addition, the Tianqiao government may face significant negative impact on its reputation and financing activities if JQID encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that JQID’s strategic importance would remain intact while the Tianqiao government will continue to ensure JQID’s stable operation.