CCDG Gets Investment Grade Ratings with Stable Outlook -- Best Credit Profile among Peers in Northeast China -- Geared Towards International Financial Markets
HONG KONG, Oct. 13, 2015 /PRNewswire/ -- Changchun Urban Development & Investment Holding (Group) Co Ltd ("CCDG" or the "Group") is pleased to announce that the Group has been assigned investment grade ratings with a stable outlook by two international credit ratings agencies, becoming the pioneer state-owned city investment operations firm with the highest rating record among its peers in the three provinces in northeast China.
To accelerate the financial innovation and enhance the capital management capacity with an objective to explore the international financial market, CCDG requested the international leading credit ratings agencies including Fitch Ratings and Moody's to conduct the credit evaluation for its independent entity. The assigned ratings after the evaluation have been announced recently. Fitch Ratings assigned BBB+ (Stable, Investment Grade) for CCDG, while Moody's assigned a first-time Baa1 issuer rating (Outlook: Long-term Stable).
Founded by Changchun Municipal Party Committee and Changchun Municipal Government, CCDG is a large state owned enterprise engaged in integrating city resources and state assets to provide innovative city financial services for key infrastructure constructions. The Group is operating in accordance with the principle of market-driven, diversification and internationalization. As the key city construction and investment entity entrusted by Changchun municipal government, CCDG manages government related projects, provides financial services, manages city infrastructure construction and operation, as well as manages the state assets, becoming the backbone force to realize the objectives of "stable growth", "promoting reform", "adjusting structure" and "benefiting people's livelihoods" for Changchun city. The Group is gearing up its effort to become the "main channel" for the city financial services, the "main platform" for city construction and operation management, the "main junction" for innovative state assets management and operation, and the "new engine" for innovative city development. The Group aims to accelerate its transformation from the main entity for government investment and financing, urban construction and operations to become an "integrated solutions provider for urban infrastructure constructions and public services", effectively contributing to the social and economic growth and improving the people's livelihoods.
The Group is the largest local state-owned enterprise in Jilin province. As of the end of 2014, the Group's total assets were RMB209.1 billion and the net assets were RMB114.6 billion. The Group has been assigned "AAA" credit rating by New Century, a Chinese prestigious credit ratings agency. The new ratings assigned by the international credit ratings agencies reflect the recognition of the Group's overall operating standards, management capacity and promising outlook. It also shows the concrete progress in promoting the in-depth reform in the state owned enterprise, the upgrading and transformation of the urban infrastructure investment enterprise, as well as the improvement in building the enterprise credit. The Group believes the ratings will enhance the recognition and accountability in the international capital market, expanding the financing channels. It will help save financial cost, strengthen fund-raising capability and attract more business partners as well as high-end professional managers. It will also help address the risks from the economic slowdown in China. CCDG has obtained the best credit profile among its peers in northeast China and is now geared towards international financial market.
The credit ratings by international agencies are the beginning of our effort to explore the international financial market, motivating us to explore effective approaches for the economic growth in northeast China. In light of the state planning of "Revitalizing Northeast China", the credit rating by the international agencies is not only the recognition from the international capital market, it is a milestone event for the economic development of the Group, of Changchun city, and of Jilin province at large.
About CCDG
Changchun Urban Development & Investment Holding (Group) Co Ltd ("CCDG") is a large state owned enterprise engaged in integrating city resources and state assets to provide innovative city financial services for key infrastructure constructions. Founded by Changchun Municipal Party Committee and Changchun Municipal Government, CCDG is operating in accordance with the principle of market-driven, diversification and internationalization. The Group is the largest local state-owned enterprise in Jilin province. As of the end of 2014, the Group's total assets were RMB209.1 billion and the net assets were RMB114.6 billion.
Founded in 1991, the Group has continuously emancipating the mind, exploring innovative approaches for growth, and promoting in-depth reforms with an objective to become a market-driven conglomerate through the transformation and upgrading. The Group proactively promotes the transformation "from resources to assets, from assets to capital, and from capital to cash flow", effectively implementing the plan of "one-year for organization construction, three-year for scale expansion, and five-year for upgrading". The Group leverages the policy support, the integration of resources and the innovative capital management capacity to develop its innovative financial services and diversification. The Group has built four key segments: urban construction, capital management, financial services and property development. The state assets management standards have been improving and the key business segments have made substantial progress.
For more information, please visit www.ccdih.com.
For media and investor inquiries:
Emma Liang
PRChina Limited
Tel: +852-2522-1838
Email: [email protected]
Charles Chan
PRChina Limited
Tel: +852-2522-1368
Email: [email protected]
SOURCE Changchun Urban Development & Investment Holding (Group) Co Ltd
Share this article