HONG KONG, 7 November 2024 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘BBB’ global scale Long-term Issuance Credit Rating to the CNY765.0 million, 6.9% senior unsecured bonds due 2027 (“the Bonds”) issued by Mixin International Trading Co., Limited, an indirect wholly-owned subsidiary of Shandong Mingshui Guokai Development Group Co., Ltd. (“SMGD”; ‘BBB’/Stable). The Bonds are unconditionally and irrevocably guaranteed by SMGD. The company plans to issue additional CNY Bonds, which will be consolidated and form a single series with the Bonds. The proposed tap issuance will not affect the rating on the Bonds.
SMGD intends to use the net proceeds from the Bonds and the tap issuance for project construction, trading business and supplement of working capital.