CCXAP upgrades Jiangsu Yueda Group Co., Ltd.’s long-term credit rating to BBBg+, with stable outlook | News & Events | China Chengxin (Asia Pacific) Credit Ratings Company Limited

2024.5.22

CCXAP upgrades Jiangsu Yueda Group Co., Ltd.’s long-term credit rating to BBBg+, with stable outlook

Hong Kong, 22 May 2024 – China Chengxin (Asia Pacific) Credit Ratings Company Limited (“CCXAP”) has upgraded the long-term credit rating of Jiangsu Yueda Group Co., Ltd. (“Jiangsu Yueda” or the “Company”) to BBB_g+ from BBB_g, with stable outlook; and upgraded its senior unsecured debt rating to BBB_g+ from BBB_g. The upgrade reflected the stronger capacity to provide support from the Yancheng Municipal Government and the high likelihood of government support for Jiangsu Yueda. Jiangsu Yueda has also exhibited an improvement in the quality of its investment portfolio and credit metrics.

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CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Rating Methodology for Investment Holding Companies dated December 2016, available at www.ccxap.com (Rating Methodologies).