Lianhe Ratings Global Limited (“Lianhe Global”) has upgraded the global scale Long-term Issuer Credit Rating of Xi’an Kingfar Holding (Group) Co., Ltd. (“Xi’an Kingfar” or “the company”) to ‘A-’ from ‘BBB+’ with Stable Outlook; The global scale Long-term Issuance Credit Rating of its Credit Enhanced Guaranteed CNY Bonds affirmed at ‘AA-’
The Issuer Credit Rating upgrade reflects its increased strategic importance in Shaanxi’s Xi’an City (“Xi’an”) and Xi’an Economic and Technology Development Zone (“XETDZ”). Xi’an is actively promoting its “going north” strategy, focusing on the development in XETDZ to expand its urban space and upgrade its industry, while Xi’an Kingfar is the flagship local investment and develop company (“LIDC”), undertaking major development projects within the region.