News & Events

Hong Kong, 25 March 2025 – China Chengxin (Asia Pacific) Credit Ratings Company Limited (“CCXAP”) said Huai’an Development Holdings Co., Ltd.’s (“HADH” or the “Company”) (BBB_g+/stable) proposed tap issuance on its existing USD155 million senior bonds due 2028 will not affect the BBB_g+ rating on the bonds. The bonds are issued by Xiangyu Investment (BVI) Co., Ltd., a subsidiary indirectly and wholly owned by HADH, and unconditionally and irrevocably guaranteed by HADH.

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CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Rating Methodology for China’s Local Infrastructure Investment and Financing Companies dated July 2022, available at www.ccxap.com (Rating Methodologies).