HONG KONG, 12 July 2024 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘BBB’ global scale Long-term Issuer Credit Rating to Haining Jianshan New Area Development Co., Ltd. (“HJNAD” or “the company”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Haining City, Jiaxing City (“Haining government”) would provide strong support to HJNAD if needed, in light of its majority ownership of HJNAD, HJNAD’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for state-owned asset management and infrastructure construction in Haining City, Jiaxing City (“Haining”), especially in Haining Economic Development Zone (“Haining EDZ”) and Haining Jianshan New District (“Jianshan”), and the linkage between the Haining government and HJNAD, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing operational and financial support. In addition, the Haining government may face significant negative impact on its reputation and financing activities if HJNAD encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that HJNAD’s strategic importance would remain intact while the Haining government will continue to ensure HJNAD’s stable operation.