Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB-’ global scale Long-term Issuer Credit Rating of Taizhou Zhongtian New Energy Industry Development Co., Ltd. (“TZNEID” or “the company”); Issuer Rating Outlook is Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Hailing District, (“the Hailing government”) would provide strong support to TZNEID if needed, in light of its indirect 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”). The linkage between the Hailing government and TZNEID is strong, including management supervision, strategic alignment and ongoing operational and financial support. In addition, the Hailing government may face significant negative impact on its reputation and financing activities if TZNEID encounters any operational and financial difficulties.
Hailing is an urban district under the jurisdiction of Jiangsu’s Taizhou and is located in the central urban area of Taizhou. Hailing realized a GDP of RMB83.7 billion in 2024, representing a year-over-year growth of 4.9% while the budgetary revenue grew by 8.4% to RMB4.1 billion.
The Stable Outlook reflects our expectation that TZNEID’s strategic importance would remain intact while the Hailing government will continue to ensure TZNEID’s stable operation.