Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB’ global scale Long-term Issuer Credit Rating with Stable Outlook to Zhejiang Tianzihu Industrial Investment Co., Ltd. (“ZTIIC” or “the company”)
The Issuer Credit Rating reflects a high possibility that the People’s Government of Anji County, Huzhou City (“Anji government”) would provide very strong support to ZTIIC if needed, in light of its indirect full ownership of ZTIIC, ZTIIC’s strategic importance as the key entity for infrastructure construction and state-owned asset operation in Anji County, Huzhou City (“Anji”), especially in the Tianzihu Town (“Tianzihu”), and the linkage between the local government and ZTIIC, including appointment of the senior management, strategic alignment, supervision of major investment and financing decisions and ongoing operational and financial support. In addition, the Anji government may face significant negative impact on its reputation and financing activities if ZTIIC encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that ZTIIC’s strategic importance would remain intact while the Anji government will continue to ensure ZTIIC’s stable operation.