Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A-’ global scale Long-term Issuer and Issuance Credit Rating of Weifang Urban Construction and Development Investment Group Co., Ltd. (“WUCDI” or “the company”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Weifang City, Shandong Province (“Weifang government”) would provide strong support to WUCDI if needed, in light of its majority ownership of WUCDI, WUCDI’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for infrastructure construction and state-owned asset operation in Weifang City, Shandong Province (“Weifang”), and the linkage between the Weifang government and WUCDI, 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 Weifang government may face significant negative impact on its reputation and financing activities if WUCDI encounters any operational and financial difficulties.
Weifang is a prefecture-level city of Shandong Province. Weifang’s GDP grew steadily by 5.9% year-over-year in 2024 and reached RMB820.3 billion. The budgetary revenue of Weifang reached RMB62.0 billion in 2024.
The Stable Outlook reflects our expectation that WUCDI’s strategic importance would remain intact while the Weifang government will continue to ensure WUCDI’s stable operation.
Lianhe Global has also affirmed ‘A-’ global scale Long-term Issuance Credit Rating of the senior unsecured USD bonds issued by WUCDI at the same time. A full list of affirmed issuance rating is included in this report.