Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB+’ global scale Long-term Issuer and Issuance Credit Rating of Zhengzhou Jinshui Holdings Group Co., Ltd. (“ZJHG” or “the company”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Jinshui District (“Jinshui government”) would provide strong support to ZJHG if needed, in light of its indirect full ownership of ZJHG, ZJHG’s strategic importance as the most important local investment and development company (“LIDC”) that is responsible for resettlement housing development and infrastructure construction in Jinshui, and the linkage between the Jinshui government and ZJHG, including appointment of the senior management, strategic alignment, supervision of major investment and financing plan decisions and ongoing operational and financial support. In addition, the Jinshui government may face significant negative impact on its reputation and financing activities if ZJHG encounters any operational and financial difficulties.
Lianhe Global has also affirmed ‘BBB+’ global scale Long-term Issuance Credit Rating of the senior unsecured bonds issued by ZJHG at the same time. A full list of affirmed issuance rating is included in this report.
Jinshui is a district under the jurisdiction of Zhengzhou, Henan Province, and located in the northeastern part of Zhengzhou’s main urban area. In 2024, Jinshui’s GDP reached RMB 218.5 billion, representing a year-over-year growth rate of 3.1%, while its budgetary revenue was recorded at RMB10.6 billion.
The Stable Outlook reflects our expectation that ZJHG’s strategic importance would remain intact while the Jinshui government will continue to ensure ZJHG’s stable operation.