Correction: Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB’ global scale Long-term Issuer Credit Rating with Stable Outlook to Zoucheng City Shengcheng Culture and Tourism Group Co., Ltd. (“ZCSCT” or “the company”)
This replaces the rating report published on 7 March 2024. The Issuer Credit Rating reflects a high possibility that the People’s Government of Zoucheng City (“the Zoucheng government”) would provide strong support to ZCSCT if needed, in light of its full ownership of ZCSCT, ZCSCT’s strategic importance as an important local investment and development company (“LIDC”) that is responsible for development and operation of tourist attractions in Zoucheng, and the linkage between the Zoucheng government and ZCSCT, including appointment of the senior management, strategic alignment, supervision of major investment and financing plans and ongoing operational and financial support. In addition, the Zoucheng government may face significant negative impact on its reputation and financing activities if ZCSCT encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that ZCSCT’s strategic importance would remain intact while the Zoucheng government will continue to ensure ZCSCT’s stable operation.