S&P revises view on Yangzhou Economic

S&P said it revised the outlooks for Yangzhou Economic and Technological Development Zone Development Corp. (Yetdz Dev. Corp.) and Yangzhou Urban Construction State-Owned Assets Holding (Group) Co. Ltd. (Yanghzou Urban) to negative from stable.

“We revised our outlooks on Yangzhou Urban and Yetdz Dev. Corp. to negative from stable on potential weakening of the Yangzhou government's fiscal position over the next two years. The government of the prefecture-level city, in Jiangsu province, could face rising challenges to stabilize its fiscal performance and contain its debt growth amid economic uncertainty from the Covid-19 outbreak,” S&P said in a press release.

At the same time, S&P affirmed the of BBB- long-term issuer credit rating on Yangzhou Urban and the BBB- long-term issue rating on the company's senior unsecured notes. S&P also affirmed the long-term issuer credit rating of BB+ on Yetdz Dev. Corp.

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