HONG KONG, 3 July 2019. Pengyuan International has confirmed its final rating for Yangzhou Economic and Technological Development Zone Development Corporation (YZETD)’s USD300 million 5.5% notes due 2022, to be ‘BBB’.

YZETD intends to use the proceeds to refinance onshore indebtedness and business development. The confirmation of the final rating follows the receipt of final offering documents conforming to information already received and is in line with the expected rating assigned on 14 June 2019.

Wholly-controlled by Yangzhou municipal government, YZETD is the second largest investment vehicle in the city, and plays a monopoly position in implementing the government's blueprint for primary land development, resettlement housing and urban infrastructure construction within the economic and technological development zone of Yangzhou. The Company was established under the Law of the People's Republic of China of Industrial Enterprises Owned by the Whole People (中华人民共和国全民所有制工业企业法), which reflects the public ownership system under China’s socialist constitution.

 

 

ANALYSTS CONTACT

MEDIA CONTACT

OTHER ENQUIRIES

Primary Analyst

Simon Lee

+852 3615   8307

simon.lee@pyrating.com

 

Secondary Analyst

Brian Lam

+852 3615   8339

brian.lam@pyrating.com

 

Committee Chair

Tony Tang

+852 3615   8278

tony.tang@pyrating.com

 

media@pyrating.com

contact@pyrating.com

 

Date of Relevant Rating Committee: 13 June 2019

Additional information is available on www.pyrating.com

Related Criteria

General Corporate Rating Criteria (15 March 2019)

Corporate Financial Adjustments and Ratio Definitions (7 May 2018)

Government-Related Entities Rating Criteria (31 August 2018)

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