Yincheng International Holding Co., Ltd (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned a ‘B+’ global scale Long-term Issuer Credit Rating to Yincheng International Holding Co., Ltd (“Yincheng” or “the company”). The Outlook is Stable.

The Issuer Rating reflects Yincheng’s established market position and branding in its home market Nanjing, and a healthy and stable pipeline of development projects on hand. However, Yincheng’s rating is constrained by its small operating scale and geographical concentration when compared with its peers.

The Stable Outlook reflects our expectation that Yincheng will continue delivering its planned projects and maintain its competitive position in core markets such as Nanjing, while expanding its operating scale and diversifying its land bank in a prudent manner.