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.