Shandong Shouguang Jinxin Investment Development Holding Group Co., Ltd. (Surveillance Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB-’ global scale Long-term Issuer Credit Rating of Shandong Shouguang Jinxin Investment Development Holding Group Co., Ltd. (“SSJID”); Issuer Rating Outlook is Stable.

The Issuer Credit Rating reflects a high possibility that the Shouguang people’s government (“the Shouguang government”) would provide strong support to SSJID if needed, in light of its indirectly full ownership of SSJID, SSJID’s strategic importance as an important local investment and development company (“LIDC”) that is responsible for state-owned capital Investment, project construction and state-owned assets operation in Shouguang City (“Shouguang”), and the strong linkage between the Shouguang government and SSJID, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Shouguang government may face significant negative impact on its reputation and financing activities should SSJID encounters any operational and financial difficulties.

The Stable Outlook reflects our expectation that SSJID’s strategic importance would remain intact while the Shouguang government will continue to ensure SSJID’s stable operation.