Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A-’ global scale Long-term Issuer and Issuance Credit Rating of Yangzhou Economic and Technological Development Zone Development (Group) Co., Ltd. (“YETDG” or “the company”); Issuer Rating Outlook is Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Yangzhou City (“the Yangzhou government”) would provide strong support to YETDG if needed, in light of its indirectly full ownership of YETDG, YETDG’s strategic importance as a key local investment and development company in Jiangsu’s Yangzhou City (“Yangzhou”), especially in the Yangzhou Economic and Technological Development Zone (“the Development Zone”). The linkage between the Yangzhou government and YETDG is strong, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Yangzhou government may face significant negative impact on its reputation and financing activities should YETDG encounter any operational or financial difficulties.
Lianhe Global has also affirmed ‘A-’ global scale Long-term Issuance Credit Rating of the senior unsecured bonds issued by YETDG at the same time. A full list of affirmed issuance rating is included in this report.
Yangzhou is a prefecture-level city under the jurisdiction of Jiangsu Province. Yangzhou’s GDP grew steadily by 6.0% to RMB781.0 billion in 2024, and the budgetary revenue grew by 3.9% to RMB36.1 billion.
The Stable Outlook reflects our expectation that YETDG’s strategic importance would remain intact while the Yangzhou government will continue to ensure YETDG’s stable operation.