HONG KONG, 19 July 2024. CSPI Ratings has assigned the issuance credit rating of 'BBB' to Baoding Guokong Group Co., Ltd. (BDGK)’s issuance of RMB1 billion 5.15% senior unsecured bonds due 2027. We have equalised the bond issuance rating with BDGK’s global scale long-term issuer credit rating of ‘BBB’. The bonds, which constitute direct and unconditional obligations of the issuer, are at all times ranked pari passu among themselves and at least pari passu with all other present and future unsecured obligations of the issuer. The outlook is stable.
BDGK, as a significant local state-owned enterprise in Baoding City, plays a crucial role in land development, infrastructure construction, affordable housing projects, water supply, heating, and other key sectors within the region. Additionally, it operates in real estate sales, merchandise sales, and property leasing domains. Baoding State-Owned Assets Supervision and Administration Commission holds a 100% equity stake in BDGK, serving as the company's controlling shareholder and actual controller.
ANALYSTS CONTACT
Primary Analyst
Jameson Zuo
+852 3615 8341
Secondary Analyst
Siqi Lin
+86 755 8321 0225
Committee Chair
Larissa Wu
+852 3615 8317
larissa.wu@cspi-ratings.com
MEDIA CONTACT
RATING SERVICE CONTACT
Allen Wei
+852 3615 8324
allen.wei@cspi-ratings.com
Date of Relevant Rating Committee: 17 July 2024
Additional information is available on www.cspi-ratings.com
Related Criteria
Corporate Issuance Rating Criteria (11 March 2022)
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