HONG KONG, 15 October 2024 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘A-’ global scale Long-term Issuer Credit Rating to Shaoxing Shangyu State-owned Capital Investment and Operation Co., Ltd. (“SSCIO” or “the company”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Shangyu District (“the Shangyu government”) would provide very strong support to SSCIO if needed, in light of its indirect full ownership of SSCIO, SSCIO’s strategic importance as the most important development and operation entity in Shaoxing’s Shangyu District and the linkage between the Shangyu government and SSCIO, including appointment of the senior management, strategic alignment, supervision of major investment and financing decisions and ongoing operational and financial support. In addition, the Shangyu government may face significant negative impact on its reputation and financing activities if SSCIO encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that SSCIO’s strategic importance would remain intact while the Shangyu government will continue to ensure SSCIO’s stable operation.