Lianhe Ratings Global Limited

[Issuance Rating] Lianhe Global has assigned‘A+’global scale Long-term Issuance Credit Rating to the CNY480 million, 7.8% guaranteed green bonds due 2027 (“the Bonds”) issued by Chongqing Tongnan Construction Engineering (Group) Co., Ltd. (“CTCE”;‘BBB-/Stable’). The bonds constitute CTCE’s direct, general, unsubordinated, unconditional and unsecured obligations which shall at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. The bonds are unconditionally and irrevocably guaranteed by Chongqing Xingnong Financing Guarantee Group Co., Ltd. (“CXFG”; ‘A+’/Stable). CTCE intends to use the net proceeds from this offering for project construction and replenishment of working capital. Full Press Release: https://lnkd.in/eU3hMhxR #China #Chongqing #CTCE #assignment #LGFV #rating #creditrating #investmentgrade  #dcm #issuerrating #issuancerating  #bonds #usdbonds #offshorebonds #chinabonds  #fixedincome #debtcapitalmarkets

[Issuer Rating] Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has withdrawn the global scale Long-term Issuer Credit Rating of Jiangsu Shagang Group Company Limited. (“Shagang”; ‘BBB+/Stable’). The rating was withdrawn for commercial reasons. Full Press Release: https://lnkd.in/esAcHMsF #China #Jiangsu #Suzhou #Shagang #revocation #LGFV #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

[Issuer Rating] Lianhe Global has assigned‘BBB’global scale Long-term Issuer Credit Rating to Zoucheng Hengtai Holding Group Co., Ltd. (“ZHHG”or“the company”). The Outlook is Stable. The Issuer Credit Rating reflects a high possibility that the Zoucheng State-owned Asset Supervision and Administration Bureau (“Zoucheng SASAB”) would provide strong support to ZHHG if needed, in light of its full ownership of ZHHG, ZHHG’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for affordable housing construction in Zoucheng City, Jining City (“Zoucheng”), and the linkage between the Zoucheng SASAB and ZHHG. In addition, the region may face significant negative impact on its reputation and financing activities if ZHHG encounters any operational and financial difficulties. The Stable Outlook reflects our expectation that ZHHG’s strategic importance would remain intact while the Zoucheng government will continue to ensure ZHHG’s stable operation. Full Press Release: https://lnkd.in/ey9yMHhV Full Initial Issuer Report: https://lnkd.in/eVykMKn3 #China #Shandong #Zoucheng #ZHHG #assignment #LGFV #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

[Issuance Rating] Lianhe Global has assigned ‘A+’ global scale Long-term Issuance Credit Rating to the RMB Senior Guaranteed Perpetual Capital Securities (“Perpetual Securities”) to be issued by Huafa 2024 I Company Limited (“Huafa 2024 I”), a wholly-owned subsidiary of Zhuhai Huafa Group Co., Ltd. (“ZHG”; ‘A+’/Stable). The Perpetual Securities constitute Huafa 2024 I’s direct, unconditional, unsubordinated and unsecured obligations which shall at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. The Perpetual Securities are unconditionally and irrevocably guaranteed by ZHG. ZHG intends to use the net proceeds from this offering for refinancing existing offshore indebtedness. Full Press Release: https://lnkd.in/eGpthvQE #China #guangdong #zhuhai #ZHG #assignment #LGFV #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

[Issuance Rating] Lianhe Global has assigned ‘A-’ global scale Long-term Issuance Credit Rating to the CNY2,205 million, 4.0% senior unsecured bonds due 2027 (“the Bonds”) issued by Chengdu Aerotropolis City Development Group Co., Ltd. (“ACDG”; ‘A-/Stable’). ACDG intends to use the net proceeds from this offering for refinancing offshore indebtedness. The Bonds are rated at the same level as ACDG’s global scale Long-term Issuer Credit Rating of ‘A-’ as the Bonds will constitute direct, unsubordinated, unconditional and unsecured obligations of ACDG. The payment obligations of ACDG under the Bonds shall at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. The Issuer Credit Rating reflects a high possibility that the People’s Government of Shuangliu District, Chengdu City (“Shuangliu government”) would provide very strong support to ACDG if needed, in light of its majority ownership of ACDG, ACDG’s strategic importance as the sole local investment and development company (“LIDC”) that is responsible for transportation infrastructure construction in Shuangliu District, Chengdu City (“Shuangliu”) (“Chengdu”), construction development and industrial investment in the Chengdu International Airport Business District (“Airport BD”), and the linkage between the Shuangliu government and ACDG, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing operational and financial support. In addition, the Shuangliu government may face significant negative impact on its reputation and financing activities if ACDG encounters any operational and financial difficulties. The Stable Outlook reflects our expectation that ACDG’s strategic importance would remain intact while the Shuangliu government will continue to ensure ACDG’s stable operation. Full Press Release: https://lnkd.in/eUZgKNFb #china #chengdu #sichuan #assignment #LGFV #ACDG #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

[Issuer Rating] Lianhe Global has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating to Langxi Kaichuang Group Holdings Co., Ltd. (“LKGH” or “the company”). The Outlook is Stable. The Issuer Credit Rating reflects a high possibility that the People’s Government of Langxi County, Xuancheng City (“Langxi government”) would provide very strong support to LKGH if needed, in light of its full ownership of LKGH, LKGH’s strategic importance as an important local investment and development company (“LIDC”) that is responsible for project construction and state-owned asset operation in Langxi County (“Langxi”), Xuancheng City (“Xuancheng”), and the linkage between the Langxi government and LKGH, 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 Langxi government may face significant negative impact on its reputation and financing activities if LKGH encounters any operational and financial difficulties. The Stable Outlook reflects our expectation that LKGH’s strategic importance would remain intact while the Langxi government will continue to ensure LKGH’s stable operation. Full Press Release: https://lnkd.in/d4SEVays Full Initial Issuer Report: https://lnkd.in/d3AahFzV   #china #anhui #xuancheng #assignment #LGFV #LKGH #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

[Issuer & Issuance Rating] Lianhe Global has affirmed ‘A-’ global scale Long-term Issuer Credit Rating of Zhengzhou Urban Construction Investment Group Co., Ltd. (“ZZC”). The Outlook is Stable.   Lianhe Global has also affirmed ‘A-’ global scale Long-term Issuance Credit Rating of the senior unsecured USD notes issued by ZZC. A full list of affirmed issuance ratings is included in this press release. Full Press Release: https://lnkd.in/eHcTwyaV Full Initial Issuer Report: https://lnkd.in/eVmian7j #china #henan #zhengzhou #LGFV #affirmation #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

[Issuer Rating] Lianhe Global has assigned ‘BBB’ global scale Long-term Issuer Credit Rating to Haining Jianshan New Area Development Co., Ltd. (“HJNAD” or “the company”). The Outlook is Stable. The Issuer Credit Rating reflects a high possibility that the People’s Government of Haining City, Jiaxing City (“Haining government”) would provide strong support to HJNAD if needed, in light of its majority ownership of HJNAD, HJNAD’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for state-owned asset management and infrastructure construction in Haining City, Jiaxing City (“Haining”), especially in Haining Economic Development Zone (“Haining EDZ”) and Haining Jianshan New District (“Jianshan”), and the linkage between the Haining government and HJNAD, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing operational and financial support. In addition, the Haining government may face significant negative impact on its reputation and financing activities if HJNAD encounters any operational and financial difficulties. The Stable Outlook reflects our expectation that HJNAD’s strategic importance would remain intact while the Haining government will continue to ensure HJNAD’s stable operation. Full Press Release: https://lnkd.in/em5BE4nM Full Initial Issuer Report: https://lnkd.in/e53gdyuj #China #Zhejiang #Haining #LGFV #assignment #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds 

[Issuer Rating] Lianhe Global has affirmed ‘BBB-’ global scale Long-term Issuer Credit Rating of Zhangzhou Yuanshan Development Co., Ltd. (“ZZYD”). The Outlook is Stable. Full Press Release: https://lnkd.in/e9bD4Ub5 Full Initial Issuer Report: https://lnkd.in/e4H_K9hS #china #fujian #zhangzhou #LGFV #affirmation #rating #creditrating #investmentgrade #dcm #issuerrating #issuancerating #bonds #usdbonds #offshorebonds #chinabonds #fixedincome #debtcapitalmarkets

We are thrilled to announce that our analysts' report has been featured in the latest issue of the International Capital Market Association (ICMA) Quarterly Report. The report, titled "LIDCs’ continued viability underpins China’s economy and debtholders’ confidence," offers deep insights into the critical role of Local Investment and Development Companies (LIDCs) in China's economic landscape. Our team takes immense pride in this recognition, and we are grateful for the opportunity to share our expertise with the ICMA community. Full Report:  https://lnkd.in/eBAqYcSf #ICMA #LIDCs #QuarterlyReport #ResearchReport #Rating #RatingAgency #ChineseRatingAgencies #Debt #Economy #ChinaeEconomy #China #EconomicAnalysis #Debtholders #Analysts #Investors