Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Mianyang Science and Technology City New Area Investment Holdings (Group) Co., Ltd. (“MNIG” or “the company”)
The Issuer Credit Rating reflects a high possibility that the de facto local government of Mianyang Science and technology City New District (“MST New District”), Mianyang Science and Technology City New District Management Committee (“MST MC”), would provide very strong support to MNIG if needed, in light of its majority ownership of MNIG, MNIG’s strategic importance as the solo local investment and development company (“LIDC”) that is responsible for infrastructure construction in MST New District, and the linkage between the local government and MNIG, 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 local government may face significant negative impact on its reputation and financing activities if MNIG encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that MNIG’s strategic importance would remain intact while the local government will continue to ensure MNIG’s stable operation.