Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB+’ global scale Long-term Issuer and Issuance Credit Rating of Qingdao Jiaozhou Bay Development Group Co., Ltd. (“JZBD” or “the company”); Issuer Rating Outlook is Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Jiaozhou City would provide strong support to JZBD if needed, in light of its indirectly full ownership of JZBD, JZBD’s strategic importance as a key local investment and development company in Qingdao’s Jiaozhou City (“Jiaozhou”), especially in China-SCO Local Economic and Trade Cooperation Demonstration Area (“SCODA”). The linkage between the Local government and JZBD is strong, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Local government may face significant negative impact on its reputation and financing activities if JZBD encounters any operational or financial difficulties.
Lianhe Global has also affirmed ‘BBB+’ global scale Long-term Issuance Credit Rating of the senior unsecured bonds issued by JZBD at the same time. A full list of affirmed issuance rating is included in this report.
Jiaozhou is a county-level city under the jurisdiction of Qingdao City, Shandong Province. It is an important processing and manufacturing base in the Jiaodong Peninsula with a strong industrial foundation. Jiangzhou’s GDP grew steadily by 5.9% to RMB172.8 billion in 2024.
The Stable Outlook reflects our expectation that JZBD’s strategic importance would remain intact while the Local government will continue to ensure JZBD’s stable operation.