Moody's rates Yangzhou Slender Ba2

Moody's Investors Service said it assigned a first-time Ba2 corporate family rating to Yangzhou Slender West Lake Tourism Development Group Co., Ltd.

The outlook is stable.

Yangzhou Slender Development's Ba2 rating primarily combines its B1 baseline credit assessment and an assessment of "moderate" likelihood of support from and "high" level of dependence on the government of China, which results in a rating that is two notches above the company's baseline rating, Moody's said.

The agency said it support assessment reflects Yangzhou Slender Development's leading role in tourism operations and infrastructure construction for the Yangzhou Shugang-Slender West Lake Scenic area, its ultimate 100% ownership by the Yangzhou municipal government and track record of receiving government support.

Tourism is an important industry for Yangzhou city and generated total revenue of RMB 79.6 billion in 2017, Moody's said.

These factors are counterbalanced by the fact that although the platform is owned by the Yangzhou government, the agency said.

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