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