Pengyuan International Confirms Ji’an Chengtou Holding’s USD270 million 4.5% Notes Final Rating of ‘BBB-’


10 Mar 2021

    HONG KONG, 10 March 2021. Pengyuan International has confirmed its final rating for Ji’an Chengtou Holding Group Company Limited (JACH)’s USD270 million 4.5% senior unsecure notes due 2024, to be ‘BBB-’. The notes constitute direct, general, unsubordinated, unconditional and unsecured obligations of the issuer, and shall at all times rank pari passu among themselves and with any other present and future unsubordinated and unsecured obligations of the issuer.

    The Company intends to use the proceeds to refinance certain of its existing indebtedness, replenishing the working capital, and funding the onshore construction projects. 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 4 February 2021.

    Established in May 2016, and wholly owned by the Ji’an State-Owned Assets Supervision and Administration Commission (SASAC), JACH is the largest local government financing vehicle (LGFV) in Ji’an city. The Company primarily focuses on five business segments, namely (i) primary land development, (ii) urban infrastructure construction, (iii) property development, (iv) concrete business and (v) other businesses including leasing.

    ANALYSTS CONTACT
    Primary Analyst
    Brian Lam
    +852 3615 8339
    brian.lam@pyrating.com
    Secondary Analyst
    Jonathan Joseph Tai, CFA
    +852 3615 8276
    jonathan.tai@pyrating.com
    Committee Chair
    Ke Chen, PhD
    +852 3615 8316
    ke.chen@pyrating.com
    MEDIA ENQUIRIES
    Charley Lui
    +852 3615 8296
    charley.lui@pyrating.com
    RATING SERVICES ENQUIRIES
    Allen Wei
    +852 3615 8324
    allen.wei@pyrating.com

    Date of Relevant Rating Committee: 4 February 2021
    Additional information is available on www.pyrating.com

     

    Related Criteria
    General Corporate Rating Criteria (15 March 2018)
    Government-Related Entities Rating Criteria (31August 2018)
    Corporate Financial Adjustments and Ratio Definitions (7 May 2018)


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