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 the de facto local government of Pingtan Comprehensive Pilot Zone (“PCPZ”), the Management Committee of PCPZ (“Management Committee”) would provide very strong support to Pingtan CDG if needed, in light of its full ownership of Pingtan CDG, Pingtan CDG’s strengthened strategic importance as the most important local investment and development company (“LIDC”) responsible for infrastructure construction and city operation in PCPZ, and the linkage between the local government and Pingtan CDG, including appointment and supervision of the senior management, strategic alignment, major investment and financing decisions and ongoing operational and financial support. In addition, the local government may face significant negative impact on its reputation and financing activities if Pingtan CDG encounters any operational and financial difficulties.
Lianhe Global has also affirmed ‘BBB’ global scale Long-term Issuance Credit Rating of senior unsecured CNY Green Bonds issued by Pingtan CDG at the same time. A full list of affirmed issuance rating is included in this report.
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.