HONG KONG, 10 October 2024 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘BBB+’ global scale Long-term Issuer Credit Rating to Chengdu ETDZ State-owned Investment Group Co., Ltd. (“CESI”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Longquanyi District (“the Longquanyi government”) would provide very strong support to CESI if needed, in light of its indirect full ownership of CESI, CESI’s strategic importance as the most important development and operation entity in Chengdu’s Longquanyi District and the linkage between the local government and CESI, including appointment of the senior management, strategic alignment, supervision of major investment and financing decisions and ongoing operational and financial support. In addition, the Longquanyi government may face significant negative impact on its reputation and financing activities if CESI encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that CESI’s strategic importance would remain intact while the Longquanyi government will continue to ensure CESI’s stable operation.