Wuxi Construction and Development Investment Corporation Limited (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A’ global scale Long-term Issuer Credit Rating to Wuxi Construction and Development Investment Corporation, Ltd. (“WCDI” or “the company”). The Outlook is Stable.

The Issuer Credit Rating reflects a high possibility that Jiangsu’s Wuxi government would provide strong support to WCDI if needed. This mainly considers the Wuxi government’s full ownership of WCDI, the high strategic importance of WCDI to Wuxi in the municipal infrastructure construction and landscaping construction, and the strong linkage between the Wuxi government and WCDI, including strategic alignment, ongoing operational and financial support. In addition, the Wuxi government may face significant negative impact on its reputation and financing activities if WCDI encounters any operational or financial difficulties.

The Stable Outlook reflects our expectation that WCDI’s strategic importance would remain intact while the Wuxi government will continue to ensure WCDI’s stable operation.