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