Mianyang Emerging Investment Holdings 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 Mianyang Emerging Investment Holdings Co., Ltd.

The Issuer Credit Rating reflects a high possibility that the Mianyang Municipal People’s government (“Mianyang government”) would provide strong support to Mianyang Emerging Investment Holdings Co., Ltd. (“MYEI” or the company) if needed. This mainly considers the Management Committee of Mianyang Science and Technology City (“the management committee”), the de facto local government of Mianyang High-tech Industrial Development Zone (“Mianyang High-tech Zone”)’s 90% ownership of MYEI, MYEI’s strategic position as an important local investment and development company (“LIDC”) responsible for project construction in Mianyang High-tech Zone, and the strong linkage between the local government and MYEI, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the local government may face negative impact on its reputation and financing activities should MYEI encounter any operational or financial difficulties.

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