Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB+’ global scale Long-term Issuer Credit Rating of Zhangzhou Jiulongjiang Group Co., Ltd. (“Jiulongjiang Group” or “the company”); Issuer Rating Outlook Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Zhangzhou City (“Zhangzhou government”) would provide strong support to Jiulongjiang Group if needed, in light of its 90% ownership of Jiulongjiang Group, Jiulongjiang Group’s strategic position as an important state-owned capital investment and operation entity of Zhangzhou and the strong linkage between the Zhangzhou government and Jiulongjiang Group, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Zhangzhou government may face significant negative impact on its reputation, business and financing activities should Jiulongjiang Group encounter any operational or financial difficulties.
The Stable Outlook reflects our expectation that Jiulongjiang Group’s strategic importance would remain intact while the Zhangzhou government will continue to ensure Jiulongjiang Group’s stable operation.