Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A+’ global scale Long-term Issuer and Issuance Credit Rating of Zhongyuan Asset Management Co., Ltd. (“Zhongyuan AMC”); Issuer Rating Outlook Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Henan Province (“the Henan government”) would provide strong support to Zhongyuan AMC if needed. This considers its indirectly majority ownership of Zhongyuan AMC and the company’s strategic position as a major financial assets management company (“AMC”) in Henan. The linkage between the Henan government and Zhongyuan AMC is strong, including management supervision, strategic alignment and ongoing operational and financial support. In addition, the Henan government may face significant negative impact on its reputation and financing activities should Zhongyuan AMC encounter any operational or financial difficulties.
Located in central China, Henan Province (“Henan”) serves as a vital hub for transportation, holding a critical strategic position and significant economic importance in China. Its GDP ranked 6th nationwide and 1st among the central provinces. In 2024, Henan’s GDP grew by 5.1% to RMB6,359.0 billion while its budgetary revenue decreased by 2.6% to RMB439.9 billion.
The Stable Outlook reflects our expectation that Zhongyuan AMC’s strategic importance would remain intact while the Henan government will continue to ensure Zhongyuan AMC’s stable operation
Lianhe Global has also affirmed ‘A+’ global scale Long-term Issuance Credit Rating of the senior unsecured USD Notes issued by Zhongyuan AMC at the same time. A full list of affirmed issuance rating is included in this report.