Yunnan Provincial Energy Investment Group Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Yunnan Provincial Energy Investment Group Co., Ltd. (“YEIG” or “the company”)

The Issuer Credit Rating reflects a high possibility that the People’s Government of Yunnan Province (“Yunnan government”) would provide strong support to YEIG if needed, in light of its majority ownership of YEIG, YEIG’s strategic position as the most important state-owned energy entity for the investment and development of green energy industry of Yunnan and the strong linkage between the Yunnan government and YEIG, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Yunnan government may face significant negative impact on its reputation, business and financing activities should YEIG encounter any operational or financial difficulties.

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