Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Weihai Nanhai Investment Development Co., Ltd. (“WNID” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Wendeng District, Weihai City (“Wendeng government”) would provide strong support to WNID if needed, in light of the Nanhai New Area Management Committee (“NNA MC”)’s full ownership of WNID, WNID’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for infrastructure construction and state-owned asset management in the Nanhai New Area, and the linkage between the local government and WNID, 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 local government may face significant negative impact on its reputation and financing activities if WNID encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that WNID’s strategic importance would remain intact while the Wendeng government and NNA MC will continue to ensure WNID’s stable operation.