Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB+’ global scale Long-term Issuer Credit Rating with Stable Outlook to Mianyang Science Technology City Development Investment (Group) Co., Ltd. (“MSTCD” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Mianyang City, Sichuan Province (“Mianyang government”) would provide strong support to MSTCD if needed, in light of its full ownership of MSTCD, MSTCD’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for infrastructure construction and industrial development in Mianyang City (“Mianyang”), and the linkage between the Mianyang government and MSTCD, 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 Mianyang government may face significant negative impact on its reputation and financing activities if MSTCD encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that MSTCD’s strategic importance would remain intact while the Mianyang government will continue to ensure MSTCD’s stable operation.