Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB+’ global scale Long-term Issuer Credit Rating with Stable Outlook to Ninghai County State-owned Assets Investment Holding Group Co., Ltd. (“NCSA” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Ninghai County, Ningbo City (“Ninghai government”) would provide very strong support to NCSA if needed, in light of its direct full ownership of NCSA, NCSA’s strategic importance as an important local investment and development company (“LIDC”) responsible for engineering construction and state-owned asset operation in Ninghai, and the linkage between the Ninghai government and NCSA, including appointment of the senior management, strategic alignment, supervision of major investment and financing plans and ongoing operational and financial support. In addition, the Ninghai government may face significant negative impact on its reputation and financing activities if NCSA encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that NCSA’s strategic importance would remain intact while the Ninghai government will continue to ensure NCSA’s stable operation.