Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Weihai Wendeng District Bluesea Investment and Development Co., Ltd. (“WWBID” 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 WWBID if needed, in light of its full ownership of WWBID, WWBID’s strategic importance as the major local investment and development company (“LIDC”) that is responsible for infrastructure construction and affordable housing construction in Wendeng District, Weihai City (“Wendeng”), and the linkage between the Wendeng government and WWBID, 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 Wendeng government may face significant negative impact on its reputation and financing activities if WWBID encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that WWBID’s strategic importance would remain intact while the Wendeng government will continue to ensure WWBID’s stable operation.