Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A+’ global scale Long-term Issuer and Issuance Credit Rating of Zhuhai Huafa Group Co., Ltd. (“ZHG” or “the company”); Issuer Rating Outlook is Stable
The Issuer Credit Rating reflects a high possibility that the People’s Government of Guangdong Province (“Guangdong government”) and the People’s Government of Zhuhai City, Guangdong Province (“Zhuhai government”) would provide strong support to ZHG if needed. This mainly considers their ownership of ZHG, ZHG’s strategic importance as a core local investment and development company (“LIDC”) for urban construction and operation, industrial and finance development, and state-owned asset management in Zhuhai City, Guangdong Province (“Zhuhai”). In addition, the linkage between the local government and ZHG is strong, including management supervision, strategic alignment and ongoing operational and financial support. Moreover, the local government may face significant negative impact on its reputation and financing activities if ZHG encounters any operational and financial difficulties.
Zhuhai is a prefecture city of Guangdong and it is one of the five Special Economic Zones. Zhuhai’s GDP grew steadily by 3.5% year-over-year in 2024 and reached RMB447.9 billion. The budgetary revenue of Zhuhai for the year amounted to RMB47.5 billion.
The Stable Outlook reflects our expectation that ZHG’s strategic importance would remain intact while the Guangdong and Zhuhai government will continue to ensure ZHG’s stable operation.
Lianhe Global has also affirmed ‘A+’ global scale Long-term Issuance Credit Rating of the RMB Digitally Native Guaranteed Bonds and RMB Senior Guaranteed Perpetual Capital Securities issued by ZHG at the same time. A full list of affirmed issuance rating is included in this report.