trending Market Intelligence /marketintelligence/en/news-insights/trending/JxFk_wSQ04C7aFSdDEbmWw2 content esgSubNav
In This List

Fitch publishes Zhongguancun Development's first-time A rating

Blog

Post-webinar Q&A: Global Credit Risk Trends 2021 and Beyond

Blog

Shore Capital is Now Available in S&P Global’s Aftermarket Research Collection

Video

S&P Capital IQ Pro | Powered by Advanced Visualization

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Fitch publishes Zhongguancun Development's first-time A rating

Fitch Ratings published Zhongguancun Development Group Co. Ltd.'s first-time A long-term foreign- and local-currency issuer default ratings.

The outlook is stable.

The ratings reflect Zhongguancun's strong status, ownership and control as it is a state-owned limited liability company. It is majority-owned by Zhongguancun Science Park Administrative Committee on behalf of the municipality of Beijing.

Fitch expects the company to continue to receive strong support from the local government, noting that Zhongguancun received 11 billion yuan in capital injections and 792 million yuan in subsidies from 2014 to 2018.

Furthermore, the rating agency considered the group's role in Zhongguancun Science Park's infrastructure investment and daily operations.

Fitch also rated the company's standalone credit profile at "b".

As of Jan. 7, US$1 was equivalent to 6.94 yuan.