CCDG 2014 PDF

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The Outlook is Stable. CCDG's board is appointed by Changchun municipal government and its major operational, investment and financing plans require strict government guidance and approval. Fitch believes CCDG's monopolistic nature and policy-mandated revenue show strong, legitimate government-support expectations, in addition to the substantial fiscal subsidies it was received since for an underground water network leased to the municipality; the leasing subsidy totaled CNY Its qualified management team, which has industry knowledge and government networks, performs a range of social services that are critical for local social welfare and fulfilling political priorities.

In the event of a default, it would be difficult for the government to identify and appoint a local company as a substitute or replace the employees with personnel of similar calibre without causing significant operational delays or service disruptions that could have some social repercussions.

CCDG and its key subsidiaries, such as Changchun Rudder Investment, are active bond issuers in domestic and global markets. A default could damage Changchun government's creditworthiness and affect its ability to provide timely support.

This could make bank and capital-market funding difficult for the city's other GREs. We assess revenue defensibility as 'Midrange', due to stable water tariffs and supply volume, government mandated management fees for infrastructure construction and PPP projects, and stable leasing subsidies. Its operating risk is assessed at 'Midrange', considering the company's qualified management team and proven ability to deliver government mandates.

However, CCDG has strong funding access to bank loans and capital markets, which mitigates its refinancing risk. CCDG's ratings are assessed under the top-down approach specified in Fitch's Government-Related Entities Rating Criteria and are credit-linked to Fitch's internal assessment of the creditworthiness of Changchun municipality in northeast China. This reflects the municipality's ultimate full ownership, 'Very Strong' support record and CCDG's strategic importance to the city.

International scale credit ratings of Public Finance issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'.

Best- and worst-case scenario credit ratings are based on historical performance. The principal sources of information used in the analysis are described in the Applicable Criteria. The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity ies , either due to their nature or to the way in which they are being managed by the entity ies.

View additional rating details. EU Endorsed. International Public Finance. Supranationals, Subnationals, and Agencies.

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