Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A-’ global scale Long-term Issuer Credit Rating to Zhukuan Group Holding Co., Ltd. of Zhuhai City (“Zhukuan Group”); Outlook is Stable
The Issuer Rating reflects Zhukuan Group’s important strategic position as the window liaison state-owned enterprise stationed in Macau by the People’s Government of Zhuhai (“Zhuhai government”) and the sole enterprise with dual headquarters in Zhuhai City, Guangdong Province (“Zhuhai”) and Macau, the strong financial performance in terms of increasing asset size, revenue and profit, as well as the strong debt servicing ability. Moreover, Zhukuan Group has a long history of conducting business in both Zhuhai and Macau, which has advantages in terms of obtaining external government support and overall business development. However, the rating is constrained by Zhukuan Group’s limited market position and fluctuating profit margins.
The Stable Outlook reflects our expectation that Zhukuan Group will maintain its operation efficiency and high profitability, further diversify its business profile, while the Zhuhai government will continue to ensure the company’s stable operation.