Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Taixing Port Group Co., Ltd. (“TPG” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Taixing City (“Taixing government”) would provide strong support to TPG if needed, in light of its full ownership of TPG, TPG’s strategic importance as an important local investment and development company (“LIDC”) for port infrastructure construction and municipal public utilities operation in Taixing, and the linkage between the Taixing government and TPG, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and other government support. In addition, the Taixing government may face significant negative impact on its reputation and financing activities if TPG encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that TPG’s strategic importance would remain intact while the Taixing government will continue to ensure TPG’s stable operation.