Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Taizhou Chemical New Materials Industry Development Group Co., Ltd. (“TCNMI” or “the company”)
The Issuer Credit Rating reflects a high possibility that the Taizhou Municipal People’s Government. (“the Taizhou government”) would provide strong support to TCNMI if needed, in light of its full ownership of TCNMI, TCNMI’s strategic importance as an important local investment and development company (“LIDC”) responsible for developing and operating industrial parks in Jiangsu’s Taizhou City (“Taizhou”) and the linkage between the Taizhou government and TCNMI, including appointment of the senior management, strategic alignment, supervision of major investment and financing decisions and ongoing operational and financial support. In addition, the Taizhou government may face significant negative impact on its reputation and financing activities if TCNMI encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that TCNMI’s strategic importance would remain intact while the Taizhou government will continue to ensure TCNMI’s stable operation