...The ratings on Cixi State-owned Assets Investment Holding Co., Ltd. (CXSI) reflect its unchanged policy role as a core government- related entity (GRE) under the Cixi municipal government. CXSI consolidates around 90% of the total assets supervised by Cixi State- owned Assets Supervision and Administration Commission (SASAC). The Stable Outlook reflects Fitch Ratings' expectation that the creditworthiness of Cixi municipality and CXSI's support score will remain steady. Our analysis "looks through" the immediate shareholder, Cixi State-owned Capital Investment and Operation Group Co., Ltd. (CXSIO), which shares the same management team with CXSI, as CXSI is treated as a public-policy entity with strong government links. ...
