S&P revises Yangzhou Economic view to stable

S&P said it revised Yangzhou Economic and Technological Development Zone Development Corp.’s outlook to stable from negative and affirmed its BB+ issuer rating.

“We expect the Yangzhou city government to maintain robust oversight over Yetdz Dev. Corp.'s investment and financing activities. The company's resettlement housing investments have accelerated materially this year, providing more land to attract manufacturing investments into the economic zone. The company continues to work on environmental uplift projects in the zone, especially along the Yangtze River. Also, Yetdz Dev. Corp. is building manufacturing facilities for some high-profile projects such as electronic vehicle battery and solar panel,” S&P said in a press release.

S&P noted that despite the pandemic, Yangzhou's GDP grew by 3.5% compared to the national trend of 2.3% growth.

The outlook reflects the view that over the next 12 months Yangzhou's continued strong economic development will allow the city to implement large transportation projects with a moderate increase in its debt burden, the agency said.

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