Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB+’ global scale Long-term Issuer Credit Rating of Zhangzhou Transportation Development Group Co., Ltd. (“ZZT” of “the company”); Issuer Rating Outlook Revised to Positive
The Issuer Credit Rating reflects a high possibility that the Zhangzhou Municipal People’s Government (“Zhangzhou government”) would provide strong support to Zhangzhou Transportation Development Group Co., Ltd. (“ZZT” or “the company”) if needed, in light of its 90% ownership of ZZT, ZZT’s strategic position as an important transportation infrastructure and assets operation entity in Zhangzhou City (“Zhangzhou”) and the strong linkage between the Zhangzhou government and ZZT 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 ZZT encounter any operational or financial difficulties.
The Positive Outlook reflects our expectation that ZZT’s strategic importance would be strengthened given its increasing involvement in modern marine industry, as well as new development in low-altitude economy and industrial transformation, while the Zhangzhou government will continue to ensure ZZT’s stable operation. ZZT is strengthening its role as an integrated entity in modern marine industry development, which involves the development of fishing ports, docks, deep-sea marine culture, etc. Also, ZZT is involving in low-attitude economy, which includes infrastructure construction, transportation, equipment manufacturing, logistic service, etc. Besides, ZZT is accelerating its industrial transformation, such as increasing its investment in the comprehensive supply chain services and green transportation industry.