Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB’ global scale Long-term Issuer and Issuance Credit Rating of Qingdao Oceantec Valley Investment Development Group Co., Ltd. (“QDOV” or “the company”); Issuer Rating Outlook is Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Jimo District (“the Jimo government”) would provide strong support to QDOV if needed. This mainly considers the Jimo government’s indirect full ownership of QDOV, QDOV’s strategic importance as an important local investment and development company (“LIDC”) that is responsible for project development in Qingdao’s Jimo District (“Jimo”), especially in the core area of Qingdao Oceantec Silicon Valley (“Oceantec Valley”). In addition, the linkage between the local government and QDOV, including management supervision, strategic alignment and ongoing operational and financial support. Moreover, the local government may face significant negative impact on its reputation and financing activities if QDOV encounters any operational and financial difficulties.
Jimo is a municipal district in Qingdao City, Shandong Province. Its GDP grew steadily by 6.0% to RMB167.1 billion in 2024 while the budgetary revenue remained flat at RMB10.6 billion.
The Stable Outlook reflects our expectation that QDOV’s strategic importance would remain intact while the local government will continue to ensure QDOV’s stable operation.
Lianhe Global has also affirmed ‘BBB’ global scale Long-term Issuance Credit Rating of the senior unsecured CNY Bonds issued by QDOV at the same time. A full list of affirmed issuance rating is included in this report.