Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB+’ global
scale Long-term Issuer Credit Rating with Stable Outlook to Qingdao Ocean
Investment Group Co., Ltd. (“QOIG” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of West
Coast New Area, Qingdao City (“West Coast New Area government”) would provide strong
support to QOIG if needed, in light of its indirect full ownership of QOIG, QOIG’s strategic
importance as an important local investment and development company (“LIDC”)
responsible for infrastructure construction and affordable housing projects investment and
construction in the West Coast New Area, Qingdao City (“West Coast New Area”)
(“Qingdao”), and the linkage between the West Coast New Area government and QOIG,
including management appointments, strategic alignment, supervision of major investment
and financing plans and ongoing operational and financial support. In addition, the West
Coast New Area government may face significant negative impact on its reputation and
financing activities if QOIG encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that QOIG’s strategic importance would remain
intact while the West Coast New Area government will continue to ensure QOIG’s stable
operation.