Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB-’ global scale Long-term Issuer Credit Rating of Jurong Rongfeng Construction Co., Ltd. (“JRC” or “the company”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Jurong City, Zhenjiang City (“Jurong government”) would provide strong support to JRC if needed, in light of its full ownership of JRC, JRC’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for engineering construction in Jurong City, Zhenjiang City (“Jurong”), and the linkage between the Jurong government and JRC, 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 Jurong government may face significant negative impact on its reputation and financing activities if JRC encounters any operational and financial difficulties.
Jurong is a county-level city under the administration of Zhenjiang City. Its GDP grew steadily by 5.3% to RMB81.5 billion in 2024.
The Stable Outlook reflects our expectation that JRC’s strategic importance would remain intact while the Jurong government will continue to ensure JRC’s stable operation.