HONG KONG, 21 March 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has affirmed ‘BBB’ global scale Long-term Issuer Credit Rating of Zoucheng City Shengcheng Culture and Tourism Group Co., Ltd. (“ZCSCT” or “the company”); Issuer Rating Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Zoucheng City (“the Zoucheng government”) would provide very strong support to ZCSCT if needed, in light of its full ownership of ZCSCT, ZCSCT’s strategic importance as the only local investment and development company that is responsible for the operation of tourist attractions in Zoucheng. In addition, the linkage between the Zoucheng government and ZCSCT is strong, including management supervision, strategic alignment, and ongoing operational and financial support. Moreover, the Zoucheng government may face significant negative impact on its reputation and financing activities if ZCSCT encounters any operational and financial difficulties.
Zoucheng is a county-level city under the jurisdiction of Shandong’s Jining City. It is one of top 100 counties in China. Zoucheng’s GDP grew by 6.5% to RMB110.4 billion in 2024, while the budgetary revenue grew by 5.5% to RMB9.6 billion.
The Stable Outlook reflects our expectation that ZCSCT’s strategic importance would remain intact while the Zoucheng government will continue to ensure ZCSCT’s stable operation.