HONG KONG, 5 September 2024 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘A’ global scale Long-term Issuer Credit Rating to Jiangsu Fangyang Holdings Co., Ltd. (“JFH” or “the company”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Jiangsu Province (“Jiangsu government”) and the People’s Government of Lianyungang City, Jiangsu Province (“Lianyungang government”) would provide strong support to JFH if needed, in light of the government’s full ownership of JFH, JFH’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for infrastructure construction, state-owned asset operation and agriculture development in Lianyungang City, Jiangsu Province (“Lianyungang”), especially in the Xuwei New District (“Xuwei District”), and the linkage between the government and JFH, 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 Jiangsu and Lianyungang government may face significant negative impact on its reputation and financing activities if JFH encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that JFH’s strategic importance would remain intact while the Jiangsu and Lianyungang government will continue to ensure JFH’s stable operation.‘