Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating to Taizhou Hailing City Development Group Co., Ltd. (“THCD”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that Taizhou municipal government would provide moderately strong support to THCD if needed. This mainly considers the Taizhou municipal government’s full ownership of THCD, the high strategic importance of THCD to Taizhou and Hailing District in land development and consolidation, infrastructure construction and maintenance, and the strong linkage between the Taizhou municipal government (via the Hailing district government) and THCD, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Taizhou municipal government may face negative impact on its reputation and financing activities should THCD encounter any operational or financial difficulties.
The Stable Outlook reflects our expectation that THCD’s strategic importance would remain intact while the Taizhou municipal government will continue to ensure THCD’s stable operation.