HONG KONG, 27 November 2023 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘AA-’ global scale Long-term Issuance Credit Rating to the Proposed Credit Enhanced Guaranteed CNY Bonds (“the Bonds”) to be issued by Xi’an Kingfar Holding (Group) Co., Ltd.’s (“Xian’an Kingfar”; ‘BBB+’/Stable) wholly-owned subsidiary Xi’an Kingfar International (Singapore) Pte. Ltd. (“Kingfar International” or “the issuer”). The bonds will have the benefit of RMB-denominated irrevocable standby letter of credit (“the SBLC”) issued by Postal Savings Bank of China Co., Ltd. (“PSBC”)’s Shanxi branch.
Xi’an Kingfar intends to use the net proceeds from this offering for supplement of working capital and project construction under the Green finance Framework.