Qingdao City Construction Investment (Group) Limited (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A-’ global scale Long-term Issuer Credit Rating to Qingdao City Construction Investment (Group) Limited (“QCCI”). The Outlook is Stable.

The Issuer Rating reflects a high possibility that Shandong’s Qingdao municipal government would provide strong support to QCCI if needed, in light of the Qingdao government’s full ownership of QCCI, the high strategic importance of QCCI to Qingdao and the strong linkage between the Qingdao government and QCCI including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Qingdao government may face significant negative impact on its reputation and business and financing activities should QCCI encounter any operational or financial difficulties.