Lujiang County Rural Revitalization Investment Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Lujiang County Rural Revitalization Investment Co., Ltd. (“LCRRI” or “the company”)

The Issuer Credit Rating reflects a high possibility that the People’s Government of Lujiang County, Hefei City (“Lujiang government”) would provide strong support to LCRRI if needed, in light of its full ownership of LCRRI, LCRRI’s strategic importance as the main local investment and development company (“LIDC”) that is responsible for promoting the rural revitalization in Lujiang County, Hefei City (“Lujiang”) (“Hefei”), and the linkage between the Lujiang government and LCRRI, 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 Lujiang government may face significant negative impact on its reputation and financing activities if LCRRI encounters any operational and financial difficulties.

The Stable Outlook reflects our expectation that LCRRI’s strategic importance would remain intact while the Lujiang government will continue to ensure LCRRI’s stable operation.