Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A+’ global scale Long-term Issuer and Issuance Credit Rating of Qingdao China Prosperity State-owned Capital Investment Operation Group Co., Ltd. (“QCP” or “the company”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that the Qingdao Municipal Government (“Qingdao government”) would provide strong support to QCP if needed, in light of its full ownership of QCP, QCP’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for state-owned capital investment and operation and industrial development in Qingdao, and the linkage between the Qingdao government and QCP, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing government support. In addition, the Qingdao government may face significant negative impact on its reputation and financing activities if QCP encounters any operational and financial difficulties.
Qingdao is a municipality with an independent planning status enjoying provincial-level economic authority. Qingdao’s GDP grew steadily by 5.7% year-over-year in 2024 and reached RMB1,671.9 billion. The budgetary revenue of Qingdao reached RMB133.9 billion in 2024.
The Stable Outlook reflects our expectation that QCP’s strategic importance would remain intact while the Qingdao government will continue to ensure QCP’s stable operation.
Lianhe Global has also affirmed ‘A+’ global scale Long-term Issuance Credit Rating of the senior unsecured USD bonds issued by QCP’s wholly-owned subsidiary, Huatong International Investment Holdings Co., Limited (“Huatong International”) at the same time. A full list of affirmed issuance rating is included in this report.