Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB’ global scale Long-term Issuer and Issuance Credit Rating of Pingtan Comprehensive Pilot Zone City Development Group Co., Ltd. (“Pingtan CDG” or “the company”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that Management Committee of PCPZ, the de facto local government of Pingtan Comprehensive Pilot Zone (“PCPZ”), would provide very strong support to Pingtan CDG if needed. This mainly considers its full ownership of Pingtan CDG, Pingtan CDG’s strategic importance as the most important local investment and development company (“LIDC”) responsible for project development and city operation in PCPZ. In addition, the linkage between the local government and Pingtan CDG is strong, including management supervision, strategic alignment and ongoing operational and financial support. Moreover, the local government may face a significant negative impact on its reputation and financing activities if Pingtan CDG encounters any operational and financial difficulties.
PCPZ is a prefecture-level zone directly under the administration of Fujian Province and equipped with special and favorable supporting policies to promote cross-strait cooperation. PCPZ’s GDP grew slightly by 0.2% to RMB36.2 billion in 2024, while the budgetary revenue decreased by 2.1% to RMB2.5 billion.
The Stable Outlook reflects our expectation that Pingtan CDG’s strategic importance would remain intact while the local government will continue to ensure Pingtan CDG’s stable operation.
Lianhe Global has also affirmed ‘BBB’ global scale Long-term Issuance Credit Rating of the senior unsecured Bonds issued by Pingtan CDG at the same time. A full list of affirmed issuance rating is included in this report.